Silver futures slide 0.9% on global trend

Profit booking by speculators amid a weak trend in precious metals affected prices

Silver futures prices fell 0.89%, to Rs 52,406 per kg today tracking a weak global trend and profit-booking by speculators.

 

At the Multi Commodity Exchange, silver prices for delivery in March plunged by Rs 470 or 0.89%, to Rs 52,406 per kg in business turnover of 7 lots.

 

Similarly, the white metal prices for delivery in December contracts lost Rs 439, or 0.85%, at Rs 51,311 per kg in 339 lots.

 

Market analysts said besides profit-booking by speculators a weak trend in the precious metals overseas as US economic data backed the case for reduced stimulus after the Federal Reserve this week maintained the pace of monthly bond purchases, put a pressure on silver futures here.

 

Further, the rising emerging market currencies, including the Indian rupee, making imports of dollar-quoted precious metals cheaper, also weighed on the white metal prices, they said.

 

Globally, silver for spot delivery fell 0.58% to $22.95 an ounce in Singapore today.