Silver Futures Down Over 2 pc onProfit-Booking, Global Cues
Monday, 29 August 2011, 19:37 IST
By PTI
By PTI
New Delhi: Silver prices fell by over 2 percent 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 percent, 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 percent, 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 percent to $41.05 an ounce in early trade in Singapore today.
At the Multi Commodity Exchange, the most actively traded silver futures contracts for September delivery fell sharply by Rs. 1,389, or 2.19 percent, 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 percent, 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 percent to $41.05 an ounce in early trade in Singapore today.
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