Heavy Correction In Silver, MCX Futures Tank Under Rs 39K

COMEX Silver futures slipped from a one week high as profit selling took hold of the metal after sharp gains in last session. The metal edged up in tune with soaring Gold futures and steady Copper prices yesterday but highs above $ 16.60 per ounce seemed to be capping the upside for the counter. The metal currently trades at $ 16.54 per ounce, down 0.80% on the day. MCX Silver futures also failed to hold above Rs 39000 per kg mark and fell sharply in early moves today. The metal is currently trading at Rs 38735 per kg, down 0.76% on the day. European stocks declined and most Asian stocks settled lower today as a sell-off in once much-favored US technology shares deepened and volatility soared. Silver seemed to be tracking weakness in Gold today. A sharp rebound in Bitcoin futures, which gained nearly 6% on the day is weighing on precious metals.