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Silver plummets Rs 423 on profit-booking, global cues

Press Trust of India  |  New Delhi 

Amid profit-by

speculators and weak global cues, silver prices dropped by Rs 423 to Rs 38,851 per kg in futures trade Monday.

Silver for delivery in December was trading sharply lower by Rs 423 or 1.08 per cent to Rs 38,851 per kg in a business turnover of 1,492 lots at (MCX).

Silver traded 0.11 per cent lower at USD 14.48 an ounce in

Market analysts said fall in silver prices at futures trade was mostly attributed to profit-by speculators at prevailing levels and weak global cues as strengthening dollar eroded appeal for precious metals as a safe haven investment.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, October 08 2018. 11:55 IST