Weekly Silver Review: COMEX Futures Fail To Sustain Above $21 Per Ounce

8 Oct 2022 , 01:37 PM

COMEX Silver futures had hit a three month high above $21 per barrel before correcting. The metal saw a heavy selloff once $21 per barrel level gave up and ended around $20.20 per barrel. The overall demand conditions remain lax, capping upside in the metal. Prices had gained earlier as traders eyed falling output in leading producer Mexico. Mexicos Silver mining production fell 4.4% on year to 348,357kg in July 2022. Silver has lost more than 10% of its value in last one year. MCX Silver futures are consolidating above Rs 60000 per kg on good demand in retail market and heavy slide in Indian Rupee.Powered by Commodity Insights