Silver futures fall

PTI New Delhi | Updated on February 22, 2011

Silver prices fell from record by losing Rs 504 to Rs 49,786 a kg in futures trading today as investors locked in gains at prevailing higher levels amid weakening trend overseas.

At the Multi Commodity Exchange, silver for delivery in March fell by Rs 504 or 1 per cent to Rs 49,786 a kg, with a business turnover of one lot. It climbed to Rs 50,420 a kg in the yesterday’s session on rising oil prices in global markets and the growing unrest in West Asia.

Similarly, the metal for delivery in July declined by Rs 452 or 1.07 per cent to Rs 50,936 a kg, with an open interest of two lots. Yesterday, it zoomed to hit a high of Rs 51,583 a kg.

“Today’s fall in silver prices was due to profit booking at record levels, attracted investors to offload their positions,” said an analyst, adding that “the white metal may witness further fall in its prices in the coming sessions”.

Market analysts said profit booking by speculators and resistance at higher levels in global markets, pulled down silver prices from record high levels at futures trade here.

Meanwhile, silver prices lost as much as 1.8 per cent to $33.29 an ounce, reversing an earlier advance of $34.31, the highest level since 1980.

Published on February 22, 2011

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