Silver decline by 0.5% on global cues
Speculators reduced their positions amid a weak global trend
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Silver prices fell by Rs 168 to Rs 38,760 per kg in futures trade today as speculators reduced their positions amid a weak global trend.
In futures trading at the Multi Commodity Exchange, silver for delivery in far-month July was trading Rs 168 lower, or 0.47%, at Rs 38,760 per kg in a business turnover of 565 lots.
Also, the metal for delivery in September fell by Rs 41, or 0.10%, to Rs 39,454 per kg in 22 lots.
Analysts said besides profit-booking by speculators, weak global trend, as prospects for the first US interest rate rise since 2006, helped in pushing the US dollar to a one-month high and reduced demand for the precious metals as an alternative investment.
Meanwhile, silver retreated 0.2% to $17.07 an ounce in Singapore.
In futures trading at the Multi Commodity Exchange, silver for delivery in far-month July was trading Rs 168 lower, or 0.47%, at Rs 38,760 per kg in a business turnover of 565 lots.
Also, the metal for delivery in September fell by Rs 41, or 0.10%, to Rs 39,454 per kg in 22 lots.
Analysts said besides profit-booking by speculators, weak global trend, as prospects for the first US interest rate rise since 2006, helped in pushing the US dollar to a one-month high and reduced demand for the precious metals as an alternative investment.
Meanwhile, silver retreated 0.2% to $17.07 an ounce in Singapore.
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First Published: May 25 2015 | 11:48 AM IST