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Silver prices fell by over 2 per cent to Rs 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 Rs 1,389 or 2.19 per cent, to Rs 62,125 per kg, with a business turnover of 1,291 lots.
Likewise, silver for delivery in December fell by Rs 1,264 or 1.94 per cent, to Rs 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 per cent to $41.05 an ounce in early trade in Singapore today.
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