Silver falls from record on weak global cues
After rising to record high, silver prices fell by Rs 157 to Rs 32,621 per kg in futures trade today on speculators booking profits at existing higher levels influenced by a weakening global trend.
Trading sentiment turned bearish as the metal in overseas markets, which normally set prices in domestic markets here, fell from 30-year high as firm dollar erode demand for silver as an alternate investment.
At the Multi Commodity Exchange platform, silver for March-month dropped by Rs 157, or 0.48 per cent, to Rs 32,621 per kg, with a business turnover of 4 lots.
Similarly, the metal for delivery December fell by Rs 153, or 0.47 per cent to Rs 32,507 per kg in just single lot.
Meanwhile, silver dropped 0.8 per cent to $21.24 an ounce in Asian region after yesterday rising to $21.61, the highest level since October 1980.