Silver tumbles Rs 190 on profit-booking, global cues

Silver prices dropped by Rs 190 per kg to Rs 47,085 per kg in futures trade today as speculators locked-in gains at prevailing levels amid a weak trend in global markets.
In futures trading, silver for delivery in September was trading lower by Rs 190, or 0.40 per cent, at Rs 47,085 per kg, in a business turnover of 932 lots at the Multi Commodity Exchange.
Similarly, the metal for delivery in far-month December declined by Rs 189, or 0.39 per cent, to Rs 48,310 per kg, in a business of 10 lots.
In the international market, silver slumped 1.16 per cent to USD 19.963 an ounce in Singapore.

Analysts attributed the fall in silver in futures trade to a weak trajectory in global markets after data on Friday showed the US economy gaining traction, raising bets that the Federal Reserve may increase interest rates this year, eroding demand for a safe haven.
Besides, profit-booking by speculators, too weighed on silver futures here, they added.