Silver falls 0.37 pc on profit-booking

Silver prices slumped by Rs 151 to Rs 40,390 per kg in futures trade today as speculators cut down their bets at prevailing levels, ignoring a firming trend overseas.

In futures trading, silver for delivery in far-month July was trading sharply lower by Rs 151, or 0.37 per cent, at Rs 40,390 per kg, in a business turnover of 431 lots at the Multi Commodity Exchange.

In the international market, silver rose 0.18 per cent to USD 16.67 an ounce in Singapore on the back of a subdued dollar as investors considered the prospects of slower interest rate hikes in the US.

Analysts attributed the fall in silver futures to offloading of positions by participants to book profits.