Silver Price Today: Domestic Silver Futures Dive But Hold Rs 69,000 Mark

Silver Price: Domestic silver futures recovered more than half of their intraday losses on Friday, tracking weakness in global precious metal prices. Multi Commodity Exchange (MCX) silver futures - due for a September 4 delivery - quoted at Rs 67,889 at the weakest level recorded during the session, down 4.49 per cent or Rs 3,188 compared to their previous close of Rs 71,077. The MCX silver futures contract settled at Rs 69,002 for the day, down 2.92 per cent - or Rs 2,075 - from its previous close. (Track Current Silver Price Here)

In the international market, silver dropped 1.9 per cent to $27.02 per ounce on Friday, and was set to snap a nine-week-long winning streak. Gold was last seen trading 0.1 per cent lower at $1,950.94 per ounce.

Domestic gold futures ended down 0.65 per cent at Rs 52,585. (Track Current Gold Rate Here)

The dollar index - which measures the dollar against six currencies - was last seen trading 0.22 per cent lower. 

Benchmark US 10-year yields rose, after the US Treasury flooded the market with supply, setting the dollar up to stem its recent slide and potentially eroding gold demand among those holding other currencies. Higher yields increase the opportunity cost of holding non-yielding assets such as bullion.

The closing rate of silver jewellery stood at Rs 67,768 per kilogram on Friday, excluding Goods and Services Tax, according to Mumbai-based industry body India Bullion and Jewellers Association. Precious metal prices in the country vary from state to state due to VAT or value added tax.

Jewellery prices are calculated by taking into account factors such as excise duty and making charges.