Silver futures succumbs to profit-taking

PTI New Delhi | Updated on August 09, 2011

Silver prices fell by Rs 571 to Rs 58,617 per kg at the futures trade today as speculators locked-in gains at the existing levels amid a weak trend overseas.

At the Multi Commodity Exchange, silver for delivery in September, traded lower by Rs 571 or 0.96 per cent at Rs 58,617 per kg with a turnover of 160 lots.

Similarly, December contract dropped by Rs 512 or 0.84 per cent to Rs 60,128 per kg after rising to Rs 61,850 with a business turnover of 236 lots.

Analysts said besides profit-booking by speculators at current higher levels, a weak trend in the global markets also put pressure on the silver futures prices here.

Meanwhile, silver fell 0.38 per cent to $38.88 an ounce in Hong Kong in the early trade today.

Published on August 09, 2011

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