Silver futures slide Rs 196 per kg on profit-booking

Silver prices were down by Rs 196 to Rs 42,383 per kg in futures trade today as traders cut down their bets at prevailing levels, ignoring a weak trend overseas.

At the Multi Commodity Exchange, silver for delivery in far-month May fell by Rs 196, or 0.46 per cent, to Rs 42,383 per kg in a business turnover of one lot.

Similarly, the white metal for delivery in March was trading lower by Rs 154, or 0.37 per cent, to Rs 41,792 per kg in 514 lots.

Market analysts attributed the weakness in silver futures to offloading of positions by speculators at prevailing levels but a firm trend in the precious metals overseas, restricted the losses.
 

Globally, silver traded 0.32 per cent higher at USD 17.17 an ounce in Singapore today.