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Weekly Silver Review: Futures see heavy losses
16-Nov-2024 15:12
COMEX Silver futures melted this week, sliding very heavily as precious metals came under a hammer on sustained rebound in the US dollar and soaring Bitcoin prices. Dollar index broke above 106 mark after a slightly elevated reading on US inflation. The Labor Department said its consumer price index crept up by 0.2 percent in October, matching the upticks seen in each of the three previous months. However, the annual rate of consumer price growth accelerated to 2.6 percent in October from 2.4 percent in September. This propped US treasury yields higher and hurt bullion counters heavily. COMEX Silver fell sharply amid these cues and the metal giving up $30 per ounce mark. The metal tested the lowest levels in last two months following this. Continued selling in Copper has weighed Silver down more than Gold recently as the counter has lost 9% this month compared to a 7% slide in Gold. MCX Silver futures lost sizably too as a break under Rs 90K turned the sentiments sour.

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