Silver posts biggest intraday correction in MCX history

Mumbai, Oct 18 (IANS) Silver futures on the Multi Commodity Exchange (MCX) saw its biggest intraday correction, dropping 16,715 points from the session high to the low, nearly 10 per cent from their peak, before recovering to close with modest gains.

Silver futures reached a session high of Rs 1,70,415 per kilogramme, before slipping to an intraday low of Rs 1,53,700 on Friday, as global safe-haven demand eased, and finally closed at Rs 1,57,300, an increase of 0.44 per cent from the previous close.

Indian futures experienced a significant decline following a global sell-off, where US spot silver dropped by as much as 6 per cent during the day, marking its largest single-day drop in six months.

Even as silver recovered slightly to close down 4.75 per cent globally, after peaking at $54.63 and settling at $51.86 an ounce, analysts labelled the magnitude of correction was unprecedented. Analysts linked the pullback to reduced safe-haven demand as market anxieties diminished.