Silver futures extend losses on profit-booking, global cues
Silver prices fell by 0.32 % to Rs 57,230 per kg in futures trade Wednesday, extending Tuesday's losses, on continued profit-booking by speculators amid weak trend at New York.business Updated: Aug 10, 2011 13:52 IST
Silver prices fell by 0.32 % to Rs 57,230 per kg in futures trade on Wednesday, extending Tuesday's losses, on continued profit-booking by speculators amid weak trend at New York.
At the Multi Commodity Exchange, silver for delivery in September dropped by Rs 181, or 0.32 %, to Rs 57,230 per kg, with a business turnover of 3,538 lots.
Likewise, for delivery in December, the white metal traded Rs 197, or 0.32 %, lower at Rs 58,701 per kg, clocking a turnover of 386 lots.
Analysts said besides continued profit-booking by speculators at existing level, the drop in its prices in New York yesterday, also led to the fall in silver futures prices.
In addition, a weak trend at the domestic market also put some pressure on the silver futures prices, they said.
Meanwhile, silver lost 3.38 % to trade lower at $ 37.71 an ounce in Tuesday's trade in New York.