Silver futures slip 0.52% on weak global cues

Taking weak cues from overseas markets, silver prices dropped 0.52 per cent to Rs 39,019 per kg in futures trade Tuesday, as investors cut down their bets.

Also, profit-booking at existing levels by speculators weighed on prices.

At the Multi Commodity Exchange, silver for delivery in March was trading lower by Rs 203, or 0.52 per cent, at Rs 39,019 per kg, in a business turnover of 1,437 lots.

Similarly, the white metal for delivery in February was down Rs 196, or 0.50 per cent, to Rs 39,053 per kg in 2,240 lots.

Traders said off-loading of positions by participants due to a weak global trend led to the fall in silver prices in futures trade.

Globally, silver shed 0.74 per cent to USD 15.60 an ounce in New York.