Silver Price Today: Domestic Silver Futures Tumble Over 1% As Dollar Firms, But Hold Rs 67,550 Mark

Silver Price: Domestic silver futures came down more than 1 per cent on Wednesday, as a continuous rise in the US dollar made precious metals more expensive for holders of other currencies while rising COVID-19 cases boosted their appeal as safe-havens. Multi Commodity Exchange (MCX) silver futures - due for a delivery on December 4 - tumbled by Rs 938 (1.37 per cent) to Rs 67,556 during the session. At 1:10 pm, the MCX silver futures contract quoted at Rs 67,966, down Rs 528 - or 0.77 per cent - from its previous close of Rs 68,494. MCX gold futures - due for a delivery on October 5 - declined as much as 0.61 per cent to Rs 51,039. (Track Current Silver Price Here)

In the international market, spot silver was last seen trading 0.21 per cent lower at $26.94 per ounce on the New York Mercantile Exchange's Comex exchange, having declined as much as 1.22 per cent to $26.66 per ounce earlier.

The dollar index - which gauges the greenback against six currencies - gained as much as 0.18 per cent, rising for a second straight day. 

Back home, the spot rate of silver jewellery stood at Rs 64,952 per kilogram, excluding Goods and Services Tax, according to Mumbai-based industry body India Bullion and Jewellers Association.
 

Investors now await the outcome of the European Central Bank's policy meeting, due on Thursday.

While no major policy moves are expected, investors will watch out for its inflation forecasts, say analysts. The central bank has already acted aggressively to shore up the coronavirus-hit economy.