Silver melts after 10% upmove in last week

COMEX Silver futures turned lower in Asia today as precious metals stayed under stress amid a firm US dollar. The white metal is currently trading at $74.57 per ounce, down 2.50% on the day, giving up after a sharp upmove in last week. The counter jumped around 10% last week. However, the sentiment is wobbly today as the failure of US-Iran negotiations heightened concerns of a prolonged conflict and is supporting the US dollar index which quotes up 0.34% at 98.79. MCX Silver futures are down 2% at Rs 238411 per kg after opening sharply lower. The counter has been moving in a very tiny range in first few hours of trades today. Highs around Rs 239000 per kg mark are capping the upmove.

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