Silver down 0.5% on profit-booking, global cues

Price consolidation after recent gains behind fall

Silver futures prices today fell by Rs 295%, or 0.52%, to Rs 56,483 per kg as speculators booked profits amid a weak overseas trend.

At the Multi Commodity Exchange, silver for delivery in September was trading Rs 295, or 0.50%, lower at Rs 56,483 per kg, with a turnover of 3,828 lots.

December silver dropped by Rs 255, or 0.43%, to Rs 58,409 per kg, with a business turnover of 716 lots.

Marketmen said besides profit-booking by speculators, a weak overseas trend as prices consolidated after recent gains put pressure on the silver futures here.

Meanwhile, silver fell by 0.62% to $30.39 an ounce in Singapore today.