Silver futures succumb to profit-booking, global cues

Silver prices fell by 1.82% to Rs 58,179 per kg in futures trade today as speculators locked in profits at prevailing attractive levels amid overnight losses in global market.

At the Multi Commodity Exchange, silver for September delivery dropped by Rs 1,076, or 1.82%, to Rs 58,179 per kg, with a business turnover of 17,294 lots.

Likewise for December delivery, the white metal traded Rs 989, or 1.64% lower at Rs 59,300 per kg, clocking a turnover of 902 lots. 

Analysts said besides profit-booking by speculators at existing higher level, the drop in its prices in New York yesterday, led to the fall in silver futures prices here.

Meanwhile, silver lost 3.80% to trade lower at $39.01 an ounce in yesterday's trade in New York.