Silver down 0.6% on profit-booking; global cues

July 23, 2013

MUMBAI-INDIA (July 24)  Silver prices fell by 0.63% to Rs 42,710 per kg in futures trade today as speculators booked profits amid a weak trend in global markets.

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

Similarly, silver prices for delivery in September declined by Rs 259, or 0.61%, to Rs 41,975 per kg in business volume of 966 lots.

In international market, silver prices traded 1.07% lower at $20.32 an ounce in Singapore.

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

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