Silver falls on weak global cues

PTI New Delhi | Updated on June 27, 2011

Silver prices tumbled by Rs 1,218 to Rs 51,575 per kg in futures trade today as speculators off-loaded their positions on weak trend in the overseas markets.

At the Multi Commodity Exchange, silver for delivery in September tumbled by Rs 1,218 or 2.31 per cent to Rs 51,575 per kg with a business turnover of 2,821 lots.

Similarly, the metal for delivery in July plunged by Rs 1,168 or 2.25 per cent to Rs 50,672 per kg with an open interest of 19,376 lots.

Traders said heavy off-loading by speculators on the back of a weak trend in overseas markets mainly pulled down silver prices at futures trade.

Meanwhile, silver dropped 1.8 per cent to $33.68 an ounce in the Asian region.

Published on June 27, 2011

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