Silver tanks around 8% as metals melt amid firm US dollar

Silver futures slumped today, witnessing a massive collapse in tune with Gold and Copper prices as a firm US dollar hurt metals across the board. Meanwhile, there are lingering concerns over near term bullion demand from India after the government raised the import duty on gold and silver to 15% from 6%, in order to curb non-essential imports and conserve foreign exchange as the ongoing West Asia crisis pushes up India?s import bill and makes the INR test record lows. The US dollar index soared to around one-month high today and triggered a sharp selloff in Silver in Asian trades. The metal currently trades down 8% at $78.50 per ounce ? falling to its one-week low. MCX Silver also lost 5.80% at Rs 274228 per kg. The counter lost around 3% in last session with a 6% rise in open interest.

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