Silver futures down 0.7% on profit-booking

A weak trend overseas also affected prices

Silver prices fell by 0.67% to trade at Rs 50,870 per kg in futures trade today as speculators booked profits after recent gains amid a weakening trend in the global markets.

 

At the Multi Commodity Exchange, Silver for delivery in September dipped by Rs 345, or 0.67%, to Rs 50,870 per kg in business turnover of 759 lots.

 

In a similar fashion, the white metal for delivery in far-month December contracts traded Rs 336, or 0.64% lower, at Rs 52,307 per kg in 51 lots.

 

Market analysts said trimming of positions by speculators to book profits and a weak trend overseas with investors awaiting minutes from the US central bank's July policy meeting for clues on when it will begin scaling back its commodities-friendly stimulus steps, mainly weighed on silver prices at futures here.

 

Meanwhile, silver fell by 0.95% to $22.97 an ounce in Singapore today.