Silver futures succumb to profit-booking, overseas cues

Silver prices fell by Rs 131 to Rs 63,461 per kg in futures trade today as speculators locked in gains at existing levels amid a weak trend overseas.

At the Multi Commodity Exchange, silver for delivery in September was trading Rs 131, or 0.21%, lower at Rs 63,461 per kg, with a turnover of 1,041 lots.

Similarly, silver for December delivery dropped by Rs 132, or 0.20%, to Rs 65,030 per kg, with a business turnover of 93 lots.

Analysts said in addition to profit-booking by speculators at higher levels, a weak trend in global markets also put pressure on silver futures prices here.

Meanwhile, silver fell sharply by 4.21% to $41.88 an ounce in New York yesterday after some investors sold the metal at prevailing higher levels.