Silver futures slump to Rs 57,260 per kg

NEW DELHI-INDIA  (Sept 4)  Taking weak cues from the global market and profit-booking by speculators, silver futures prices today fell sharply by Rs 1,973 or 3.33 per cent to Rs 57,260 per kg.

Analysts said a weak trend in the overseas market on mounting concerns over the US Fed scaling back its stimulus and profit-booking by speculators after recent gains, weighed on silver futures prices.

On the Multi Commodity Exchange, silver prices for delivery in December fell Rs 1,973 or 3.33 per cent to Rs 57,260 per kg in a business turnover of 3,862 lots.

Similarly, the white metal prices for delivery in September lost Rs 1,831 or 3.20 per cent at Rs 55,477 per kg in 31 lots.

Meanwhile, silver shed 1.85 per cent to $23.83 an ounce in Singapore today.