Silver futures down 3.3% on global cues, profit-booking

Silver prices for delivery in September lost 3.2%

Taking weak cues from the global market and profit-booking by speculators, silver futures prices today fell sharply by Rs 1,973, or 3.33%, to Rs 57,260 per kg.

Analysts said a weak trend in the overseas markets on mounting concern over the US Fed scaling back stimulus and profit-booking by speculators after recent gains, weighed on silver futures prices.

At the Multi Commodity Exchange, silver prices for delivery in December fell by Rs 1,973, or 3.33%, to Rs 57,260 per kg in business turnover of 3,862 lots.

Similarly, silver prices for delivery in September lost Rs 1,831, or 3.20%, at Rs 55,477 per kg in 31 lots.
 
Meanwhile, silver shed 1.85% to $23.83 an ounce in Singapore today.