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Silver tumbles Rs 435 on profit-booking, global cues

Press Trust of India  |  New Delhi 

Silver prices took a dip of Rs 435 to Rs 41,713 per kg in futures trade today as speculators cut down their holdings to book profits amid a weak trend in

In futures trading, silver for delivery in far-month March next year was trading sharply lower by Rs 435, or 1.03 per cent, at Rs 41,713 per kg, in a business turnover of one lot at the Multi Commodity Exchange.

Similarly, the metal for delivery in December declined by Rs 402, or 0.97 per cent, to Rs 41,168 per kg, in a business of 560 lots.

In the international market, silver slumped 0.59 per cent to USD 17.82 an ounce in today.

Analysts attributed the fall in silver in futures trade to a weak trajectory in as the dollar strengthened against a basket of major currencies after hurricane Irma's force waned and tension eased over North Korea, eroding demand for a safe haven.

Moreover, emergence of profit-booking at existing levels too weighed on prices, they added.

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

First Published: Mon, September 11 2017. 10:57 IST