Silver slips from three-week high, market focussed on Mexico situation

COMEX Silver futures fell today after a sharp upmove this week following massive unrest in Mexico, leading Silver producing nation. Killing of a cartel leader in Mexico has led to wide spread turbulence in the country and on February 22, the US State Department issued a shelter-in-place advisory for Americans in Mexico. An upbeat undertone in Gold also boosted Silver after Chinese markets opened following the Lunar New year holiday. COMEX Silver futures spiked around 4% yesterday to hit highest in around three-weeks. The metal eased today amid some corrective action and currently trades at $89.92 per ounce, down 1.87% on the day. MCX Silver futures are also lower at Rs 273926 per kg, down 1.59% on the day. The counter opened sharply lower and Rs 276000-275500 zone capped upside in first couple of hours of trade.

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