Silver futures prices down on profit-booking

Amid profit-booking by speculators after recents gains and a weak trend overseas,silver futures prices today fell by Rs 286 to Rs 60,320 per kg.

Written by Agencies | New Delhi | Published: September 5, 2012 3:38 pm

Amid profit-booking by speculators after recents gains and a weak trend overseas,silver futures prices today fell by Rs 286 to Rs 60,320 per kg.

At the Multi Commodity Exchange,silver for delivery in September was trading Rs 286,or 0.47 per cent,lower at Rs 6,320 per kg,with a turnover of 918 lots.

Similarly,silver for delivery in December dropped by Rs 260,or 0.42 per cent,to Rs 61,761 per kg,with a business turnover of 15,919 lots.

Marketmen said besides profit-booking by speculators,a weak trend overseas as a stronger dollar cuts demand for the metals as an alternative investment and ahead of European Central Bank policy makers meet,put pressure on the silver futures here.

Meanwhile,silver fell by 0.80 per cent to USD 32.45 an ounce in London today after reaching USD 32.42 yesterday.

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