Silver futures down on profit-booking, global cues

July contract down 0.86% as speculators sell after recent gains

Silver futures prices today fell by Rs 471 to Rs 55,3602 per kg as speculators booked profits amid a weak trend in the Asian region.

At the Multi Commodity Exchange, silver for delivery in July was trading Rs 471, or 0.86%, lower at Rs 55,360 per kg, with a turnover of 3,957 lots.

September silver dropped by Rs 439, or 0.77%, to Rs 56,780 per kg, with a business turnover of 171 lots.

Analysts said besides profit-booking by speculators after recent gains, a weak trend overseas, mainly put pressure on futures prices.

Meanwhile, silver fell by 0.8% to $29.22 an ounce in Singapore today. It advanced to $29.90 an ounce yesterday, the highest level since May 8.