Silver futures down 0.9% on profit-booking

August 31, 2013

MUMBAI-INDIA (Aug 31)  Silver prices fell by 0.87% to trade at Rs 55,058 per kg in futures today as speculators booked profits after recent gains amid a weakening trend in the global markets.

At the Multi Commodity Exchange, Silver for delivery in September dipped by Rs 484, or 0.87%, to Rs 55,058 per kg in a business turnover of 455 lots.

In a similar fashion, the white metal for delivery in far-month December traded lower by Rs 425, or 0.74%, at Rs 56,905 per kg in 127 lots.
Market analysts said profit-booking by speculators and a weak trend overseas as better-than-expected US economic data backed the case for the Federal Reserve to slow stimulus, mainly weighed on silver prices at futures here.
Meanwhile, silver fell by 0.60% to 23.73 dollar an ounce in Singapore today. 

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