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Silver tumbles Rs 409 on profit-booking, global cues

Silver tumbles Rs 409 on profit-booking, global cues

New delhi: Silver prices slumped by Rs 409 per kg to Rs 39,549 per kg in futures trade today as speculators cut down their bets at prevailing levels amid a weak trend in global markets.

In futures trading, silver for delivery in July was trading sharply lower by Rs 409, or 1.02 per cent, at Rs 39,549 per kg, in a business turnover of 724 lots at the Multi Commodity Exchange.

Similarly, the metal for delivery in far-month September declined by Rs 396, or 0.98 per cent, to Rs 40,000 per kg, in a business of two lots.

In the international market, silver slumped 0.55 per cent to USD 17.05 an ounce in New York yesterday.

Analysts attributed the fall in silver in futures trade to offloading of positions following a weak trajectory in global markets as investors shrugged off heightened political risk following a terror attack in the UK yesterday.
PTI