Silver down 1% on profit-booking, global cues

Fed's decision to extend stimulus measure for six months to boost the flagging economy put pressure on prices

Silver futures prices today fell by Rs 567, or 1.04%, to Rs 54,003 per kg as speculators booked profits amid a weak trend overseas.

At the MCX, silver for delivery in July was trading Rs 567, or 1.04%, lower at Rs 54,003 per kg, with a turnover of 2,207 lots.

The September contract dropped by Rs 572, or 1.02%, to Rs 55,324 per kg, with a business turnover of 362 lots.

Analysts said besides profit-booking by speculators after recent gains, a weak trend overseas after Federal Reserve extended stimulus measure for six months to boost the flagging economy, put pressure on the silver futures prices here.

Meanwhile, silver fell by 1.5% to $27.72 an ounce in Singapore today.