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Silver tumbles Rs 227 on weak global cues

Press Trust of India  |  New Delhi 

Taking weak cues from overseas markets, silver prices dropped by Rs 227 to Rs 42,270 per kg in futures trade today as participants cut down their bets.

Profit-booking at prevailing levels by speculators also weighed on silver prices.

At the Multi Commodity Exchange, silver for delivery in May was trading lower by Rs 227, or 0.53 per cent, to Rs 42,270 per kg, in a business turnover of 485 lots.

Similarly, the white metal for delivery in far-month July declined by Rs 226, or 0.53 per cent, to Rs 42,727 per kg in a business volume of 36 lots.

In the international market, silver fell 0.16 per cent to USD 18.35 an ounce in today.

Traders attributed the fall in silver prices at futures trade to a weak trend in precious metals in and profit-booking by speculators.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 18 2017. 10:57 IST