Hot Commodities: Silver melts as $90 per ounce caps upside, COMEX futures down 10% this month

COMEX Silver futures tumbled today, adding to latest losses as one-week highs around $90 per ounce failed to sustain. The commodity is currently quoting at $83.56 per ounce, down 1.80% on the day. Silver has tanked around 10% this month, giving up the near 18% rally in Feb-26. The US dollar index is firm, holding around three and half month high of 99.60 mark. This is capping upside in bullion futures even as the US-Iran war is escalating. MCX Silver futures are trading at Rs 263789 per kg, down 1.56% on the day. Early moves saw some stability just under Rs 270000 per kg mark but the momentum turned around once previous close of Rs 267962 per kg was broken decisively.

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