Silver futures slip 0.06% on weak global cues

Taking weak cues from overseas markets, silver prices dropped 0.06 per cent to Rs 37,407 per kg in futures trade today, as participants cut bets.

Also, profit-booking at prevailing levels by speculators weighed on prices.

At the Multi Commodity Exchange, silver for delivery in December was trading lower by Rs 24, or 0.06 per cent, at Rs 37,407 per kg, in a business turnover of 31 lots.

Similarly, the white metal for delivery in September was down Rs 13, or 0.06 per cent, to Rs 36,595 per kg in 360 lots.

Traders said offloading of positions by participants due to a weak global trend led to the fall in silver prices in futures trade.

Globally, silver shed 1.87 per cent to USD 14.46 an ounce in New York yesterday.