Silver futures tumble by Rs. 532 per kg

Mumbai-India (Aug 4)  Taking weak cues from global market, silver prices tumbled by another Rs. 532 to Rs. 47,139 per kg at the futures trade today as participants engaged in trimming their positions.

At the Multi Commodity Exchange, silver for delivery in September was trading lower by Rs. 532 or 1.12 per cent at Rs. 47,139 per kg in a business turnover of 2,655 lots.

The white metal for delivery in far-month December lost Rs. 456 or 0.93 per cent to Rs. 48,339 per kg in a business volume of 44 lots.

In the international market, silver was trading 1.13 per cent down at $20.15 an ounce in Singapore.

Marketmen attributed the fall in silver prices at the futures trade to a weak trend in the precious metals overseas ahead of the release of official US jobs data that may confirm steady employment and throw some light on the possible timing of an interest-rate increase

Source: TheHIndu