Silver futures down Rs 113 on profit-booking, global cues

Amid profit-booking by

speculators and weak global cues, silver prices dropped by Rs 113 to Rs 38,858 per kg in futures trade Friday.

Silver for delivery in far-month December was trading lower by Rs 113 or 0.29 per cent to Rs 38,858 per kg in a business turnover of 790 lots at Multi Commodity Exchange (MCX).

Globally, silver traded 0.03 per cent lower at USD 14.64 an ounce in Singapore after precious metals held steady early Friday as investors remained cautious after US Treasury yields hit multi-year peaks and ahead of monthly employment data, which if stronger could boost Federal Reserve's case for a tighter monetary policy.

 

Market analysts said the fall in silver prices at futures trade was mostly attributed to profit-booking by speculators at prevailing levels and weak global cues.