Profit-taking pulls silver futures down

July 23, 2013

New Delhi-INDIA  (July 23)    Silver prices fell 0.63 per cent to Rs 42,710 per kg at the futures trade today as speculators booked profits amid a weak trend in the global market.

On the Multi Commodity Exchange, silver prices for delivery in far-month December traded lower by Rs 270 or 0.63 per cent to Rs 42,710 per kg in a business turnover of 21 lots.

Similarly, the white metal prices for delivery in September declined by Rs 259 or 0.61 per cent to Rs 41,975 per kg in a business volume of 966 lots.

In the international market, silver prices traded lower by 1.07 per cent at $20.32 an ounce in Singapore.

Market analysts said apart from profit-booking by participants, a weak trend in the Asian region amid speculation that the recent rally in precious metals may hurt demand, led to the fall in silver prices at the futures trade here.

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