Silver down on profit-booking, global cues

Silver prices fell by Rs 52 to Rs 53,460 per kg in futures trade today as speculators booked profits at prevailing higher levels, driven by the subdued demand in the spot market.

Weak trend in global markets also influenced the trading sentiment.

At the Multi Commodity Exchange, silver for delivery in September fell by Rs 52, or 0.10%, to Rs 53,460 per kg, with a business turnover of 2,388 lots.

December silver shed Rs 38, or 0.07%, to Rs 55,235 per kg in 85 lots.

Marketmen said speculators booking profits at prevailing higher levels amid a weak trend in the overseas market kept pressure on silver futures.

Meanwhile, silver fell 0.7% to $27.95 an ounce in Singapore.