Heavy fall in silver: 9% fall on MCX to Rs 2.06 lakh per kg, global weakness and selling created an outcry

New Delhi: The price of silver fell by Rs 20,409 to Rs 2.06 lakh per kg in futures trade on Monday. This fall in prices was due to weak global trends and continuous selling. On the Multi Commodity Exchange (MCX), the price of silver for delivery in May fell by Rs 20,409, or nine percent, to Rs 2,06,363 per kg.

Analysts say that silver prices have fallen drastically due to heavy pressure from macroeconomic factors. Harish V., head of commodity research at Geojit Investments Ltd, said despite rising tensions in West Asia, economic pressures led to a sharp decline in silver prices on Monday. Globally, the price of silver for delivery in May in New York fell 9.34 percent to $ 63.15 an ounce.