Silver extends losses in futures trade on overseas cues
MUMBAI-INDIA (Sept 5) Silver futures prices on Thursday fell by another 1.25 per cent to, Rs 54,301 per kg, extending its yesterday's slide, as speculators engaged in off-loading positions amid a weakening overseas trend and recovery in rupee's value.
Analysts said besides a weak trend in the overseas markets on concern over the US Fed scaling back stimulus, recovery in the rupee, making dollar-quoted precious metals cheaper, put pressure on silver futures prices.
At the Multi Commodity Exchange, silver prices for delivery in December declined further by Rs 689, or 1.25 per cent to Rs 54,301 per kg in a turnover of 692 lots.
Similarly, the white metal prices for delivery in far-month March plunged by Rs 689, or 1.21 per cent, at Rs 55,510 per kg in 10 lots.
Meanwhile, silver slid 0.20 per cent to USD 23.43 an ounce in Singapore today.