Silver logged its first annual loss in three years on Friday, backtracking from a near-doubling in price during 2010, as worries about the global economy and a recent slide in gold hurt demand.
US March silver futures on the COMEX division of the New York Mercantile Exchange settled up 2.2 percent from the previous day at $27.915, ending the year on a positive note as the metal followed gold's rally.
But the silver price was down 9.5 percent from the end of 2010, when it closed at $30.86 an ounce.
Silver prices plummeted shortly after they rallied to a record high of near $50 an ounce in early May, sparking the so-called commodities flash crash.
Managed money's bullish futures position fell in December to its lowest since late 2008, data from the Commodity Futures Trading Commission showed.
The metal, whose demand has traditionally been speculative, is entering 2012 on an unsure footing. Analysts do not expect silver to retest all-time highs any time soon and its outlook will likely be decided by industrial demand and gold prices.
Source: www.economictimes.com
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DENIP Consultants Pvt Ltd
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