Mumbai, Dec. 2 -- Silver dropped more than 2% to $57 per ounce in electronic trades on Tuesday as traders booked profits after yesterday's record high. The recent surge was fuelled by a weaker US dollar, tight physical supply, and strong industrial demand, with the dollar index now down nearly 10% this year. US manufacturing contracted for a ninth straight month in November, increasing expectations of a Fed rate cut next week. Markets are awaiting comments from Fed Chair Jerome Powell later today for clearer direction. On MCX, March silver futures also tumbled over 2% to Rs.179210 per kg after touching a fresh peak of Rs.182998 in the previous session.
Published by HT Digital Content Services with permission from Capital Market....