Silver Futures Down Over 2 pc onProfit-Booking, Global Cues


New Delhi: Silver prices fell by over 2 percent to 62,125 per kg in futures trade today as speculators locked in profits at prevailing attractive levels, influenced by a weakening trend overseas. At the Multi Commodity Exchange, the most actively traded silver futures contracts for September delivery fell sharply by 1,389, or 2.19 percent, to 62,125 per kg, with a business turnover of 1,291 lots. Likewise, silver for delivery in December fell by 1,264, or 1.94 percent, to 63,900 per kg, clocking a turnover of 471 lots. According to analysts, silver futures prices weakened due to profit-booking by speculators at existing levels amid a drop in global prices after the US Federal Reserve said that the American economy's growth will resume in the second half, boosting speculation that the central bank may not announce a stimulus, which reduced the appeal of safe haven investments. Meanwhile, silver lost 0.70 percent to $41.05 an ounce in early trade in Singapore today.
Source: PTI