Silver futures succumb to profit-booking

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

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

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

Similarly, silver for delivery in December dropped by Rs 512, or 0.84%, 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 level, weak trend in the global markets also
put pressure on the silver futures prices here.

Meanwhile, silver fell by 0.38% to USD 38.88 an ounce in Hong Kong in early trade on Tuesday.