Silver down on global cues, profit-booking

Prices down nearly 0.5% in futures trade

Silver futures prices declined by Rs 241 to Rs 54,300 per kg today as speculators booked profits amid a weak trend in the Asian region.

At the MCX, silver for delivery in July was trading Rs 241, or 0.44%, lower at Rs 54,300 per kg, with a business turnover of 839 lots.

The September contract dropped by Rs 237, or 0.42%, to Rs 55,657 per kg, with a business turnover of 49 lots.

Analysts said a weak trend in global markets, and profit-booking by speculators after recent gains put pressure on the silver futures prices here.

Meanwhile, silver traded 0.3% lower at $28.95 an ounce in Singapore today.