Silver prices fell by over 2% to Rs 62,125 per kg in futures trade today as speculators locked in profits at prevailing attractive levels, influenced by a weakening trend overseas.
At the Multi Commodity Exchange, the most actively traded silver futures contracts for September delivery fell sharply by Rs 1,389, or 2.19%, to Rs 62,125 per kg, with a business turnover of 1,291 lots.
The December contract fell by Rs 1,264, or 1.94%, to Rs 63,900 per kg, clocking a turnover of 471 lots.
According to analysts, silver futures prices weakened due to profit-booking by speculators at existing levels amid a drop in global prices after the US Federal Reserve said that the American economy's growth will resume in the second half, boosting speculation that the central bank may not announce a stimulus, which reduced the appeal of safe haven investments.
Meanwhile, silver lost 0.70% to $41.05 an ounce in early trade in Singapore today.
