Silver futures down Rs 172 as weak global cues hurt

Silver prices dropped by Rs 172 to Rs 42,664 per kg in futures trading today amid weak global cues as participants cut down bets.

Also, profit-booking at prevailing levels by speculators weighed on silver prices.

At the Multi Commodity Exchange, silver for delivery in March was trading lower by Rs 172, or 0.40 per cent, to Rs 42,664 per kg, in a business turnover of 647 lots.

Similarly, the white metal for delivery in far-month May was down by Rs 169, or 0.39 per cent, to Rs 43,213 per kg in 82 lots.

Traders said offloading of positions by participants due to a weak global trend mainly led to the fall in silver prices at futures trade.
 

Globally, silver shed 0.50 per cent to USD 17.93 an ounce in New York.