Unraveling the Reasons Behind Silver's Price Plunge
Reduced Participant Bets and Its Impact
New Delhi, Nov 25 (PTI) witnessed silver prices plummeting by Rs 1,587 to Rs 89,181 per kilogram. Analysts pointed out that participants reducing their bets played a crucial role in this downward trend. It shows how the actions of market participants can have a direct impact on the price of silver. Such a reduction in bets often leads to a lack of buying support, causing the prices to slide.
On the Multi Commodity Exchange, silver contracts for December delivery also declined by Rs 1,587 or 1.75 per cent to Rs 89,181 per kg. This significant drop in value indicates a bearish sentiment in the market. The business turnover of 16,587 lots further emphasizes the level of activity and the extent of the price movement.
Selling Pressure and Its Effect on Prices
Analysts stated that a sell-off by participants at existing levels in the market mainly weighed on silver prices. This selling pressure created a downward force that was difficult to overcome. It shows how market dynamics can quickly change and lead to sharp price declines.
Globally, silver was trading 2.06 per cent lower at USD 30.70 per ounce in New York. This international trend further highlights the widespread nature of the price drop. It indicates that silver prices are not isolated to a particular region but are influenced by global market forces.
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