Silver down 1% on profit-booking, global cues

Silver futures prices fell by over 1% to Rs 61,551 per kg today as speculators booked profits, driven by weak global cues.

At the Multi Commodity Exchange, silver for delivery in December was trading Rs 691, or 1.11%, lower at Rs 61,648 per kg, with a turnover of 3,636 lots.

March silver dropped by Rs 698, or 1.09%, to Rs 63,375 per kg, with a business turnover of 263 lots.

Marketmen said besides profit-booking by speculators, a weak trend overseas as prices consolidated after recent gains put pressure on the silver futures here.

Meanwhile, silver dropped by 0.60% to $32.45 an ounce in Singapore today, after climbing to $32,99 yesterday, the highest price since April.