Silver futures down on global cues, profit taking

Amid weak trend overseas and profit booking by speculators, silver futures prices fell by Rs 135, or 0.40 per cent, to Rs 36,400 per kg today.

At the Multi Commodity Exchange counter, the silver for delivery in March fell by Rs 135, or 0.40 per cent to Rs 36,400 per kg, with an open interest of 100 lots.

Likewise, the metal for December delivery also fell by Rs 120, or 0.30 per cent, to Rs 36,290 per kg, with a business turnover of 1,789 lots.

Marketmen said a weakening trend in precious metals in global markets, following firmness in dollar, which reduced demand for commodities, mainly weighed on the silver futures prices here.

 

They said slackened demand at the domestic markets at prevailing record levels, too, put pressure.

The silver in global markets, which normally set prices in domestic markets, fell 0.41 per cent to $24.30 an ounce, after touching $24.92 on October 14, the highest level for 30 years.