Hot Commodities: Silver crashes near 11-month low, slides more than 12% this month

COMEX Silver futures melted today, sliding to 11-month low under $53 per ounce. The metal has lost around 12.70% this month following a near 10% fall in Sep-26. The US dollar index saw a good intraday bounce in last session and added to gains today as well. The US dollar index moved above 102 mark and currently quotes at 102.04, up 0.24% on the day and hitting around two-week high. India?s Silver retail prices have slumped under Rs 200000 per kg mark and festive season is about to enter in its peak over coming months. How the precious metal buyers behave in this period will likely offer clarity on near term Silver price outlook. Global prices have already dipped around 56% from their record high. MCX Silver futures are currently trading at Rs 192749 per kg, down 1.55% on the day after testing low near Rs 191500 per kg.

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