Silver price drops 17% on MCX

Silver price on the Multi Commodity Exchange of India (MCX) is down about 17% (Rs 3,860) to Rs 18,589 per kg on Friday afternoon as against Rs 22,449 per kg at the close of the previous day.

Traders are questioning the move of the regulator - Forward Markets
Commission (FMC) - by allowing the exchange to widen the daily trade limit.

Meanwhile, silver price in London was down hardly $2 per ounce, which means the price should have come down a maximum by Rs 500 per kg.