Silver rate today declined another 6% on Friday, February 6, extending losses for the second straight session after brief rebound earlier in the week was wiped out by a global selloff in technology stocks and a stronger US dollar. The pressure kept the white metal on course for a second straight weekly decline, as risk sentiment deteriorated across global markets.
On the MCX, silver prices fell as much as 6% to its day’s low of ₹2,29,187 per kg during the session as global cues weighed on sentiment. Meanwhile MCX Gold shed around 2% to ₹₹1,49,396 per 10 grams.
Furthermore, COMEX Silver price also tumbled over 9% to $63.900. COMEX Gold price was down around 3% to $4,670.
Meanwhile, spot silver was largely steady at $71.32 per ounce, after plunging 19.1% in the previous session. Earlier in the day, prices had slipped as much as 10%, briefly falling below the $65 level to touch a more than one-and-a-half-month low. On a weekly basis, silver was down nearly 16%, following an 18% slump last week, marking its steepest weekly decline since 2011.
The US dollar hovered near a two-week high and was poised for its strongest weekly performance since November, making dollar-denominated commodities costlier for holders of other currencies.
Meanwhile, spot gold rose 0.4% to $4,790.80 per ounce by 0224 GMT, though it remained down 1.4% for the week. US gold futures for April delivery fell 1.7% to $4,806.50 per ounce.
Among other precious metals, spot platinum slid 4.7% to $1,892.74 per ounce, after having touched an all-time high of $2,918.80 on January 26, while palladium gained 0.8% to $1,628.95. Both metals were also lower on a weekly basis.
