Silver futures succumb to profit-booking, global cues

Silver prices fell by 1.82 per cent to Rs. 58,179 per kg in futures trade today as speculators locked in profits at prevailing attractive levels amid overnight losses in global market.

At the Multi Commodity Exchange, silver for delivery in September dropped by Rs. 1,076, or 1.82 per cent, to Rs. 58,179 per kg, with a business turnover of 17,294 lots.

Likewise, for delivery in December the white metal traded Rs. 989, or 1.64 per cent, lower at Rs. 59,300 per kg, clocking a turnover of 902 lots.

Analysts said besides profit-booking by speculators at existing higher level, the drop in its prices in New York yesterday, led to the fall in silver futures prices here.

Meanwhile, silver lost 3.80 per cent to trade lower at $ 39.01 an ounce in yesterday’s trade in New York.