Silver prices falls by 0.8%, hurt by weak global cues

Taking weak cues from overseas markets, silver prices dropped by Rs 285 to Rs 34,246 per kg in futures trade today, as participants cut down their bets.

Moreover, 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 285, or 0.83%, to Rs 34,246 per kg, in a business turnover of 808 lots.

Similarly, the white metal for delivery in far-month May declined by Rs 262, or 0.75%, to Rs 34,649 per kg, in a business volume of 15 lots.

In the international market, silver fell 0.66% to $14.21 an ounce in Singapore today.
 

Traders said the fall in silver prices at futures trade was largely in tandem with a weak trend in precious metals in global markets profit-booking by speculators.