Silver down 1% on profit-booking, global cues

Silver futures prices today fell by Rs 603, or 1%, to Rs 59,427 per kg as speculators booked profits after recent hefty gains amid a weak trend overseas.

At the Multi Commodity Exchange, silver for delivery in December was trading Rs 603, or 1%, lower at Rs 59,427 per kg, with a turnover of 2,721 lots.

The September contract dropped by Rs 570, or 0.95%, to Rs 57,469 per kg, with a business turnover of 11,040 lots.

Marketmen said besides profit-booking by speculators after recent gains, a weak trend overseas on speculation that Federal Reserve Chairman Ben S Bernanke won't commit the central bank to further stimulus in a speech this week even as investment holdings expanded to a record, led to the fall in precious metal prices at futures trade.

Meanwhile, silver fell by 0.5% to $30.56 an ounce in Singapore today.