Silver prices dropped by Rs 435 to Rs 41,713 per kg at the futures trade as speculators cut down their holdings to book profits amid a weak trend in global markets.
Silver for delivery in far-month March was trading sharply lower by Rs 435 or 1.03 per cent at Rs 41,713 per kg, in a business turnover of one lot at the Multi Commodity Exchange. Similarly, the metal for delivery in December declined by Rs 402 or 0.97 per cent at Rs 41,168 per kg in a business of 560 lots.
In the international market, silver slumped 0.59 per cent to $17.82 an ounce in Singapore today.
Analysts attributed the fall in silver at the futures trade to a weak trajectory in global markets, as the dollar strengthened against a basket of major currencies after hurricane Irma’s force waned and tensions over North Korea eased, eroding demand for a safe haven.
Moreover, emergence of profit-booking at existing levels too weighed on prices, they added.