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Friday, 11 July 2014

Silver futures down on profit-booking, after climb 3.32 per cent on global cues



Silver futures prices dropped by 0.24% to Rs 46,130 per kg in futures trade today amid profit-booking by profiteers and a weak tendency overseas. Further, Silver prices shot up by 3.32 per cent to Rs 46,276 per kg in futures trade yesterday.

At the Multi Commodity Exchange, silver for delivery in September traded lower by Rs 110, or 0.24%, to Rs 46,130 per kg.

Silver price hit an intraday high of Rs 46,400 and an intraday low of Rs 46,171. So far 952 contracts have entered into trade. Silver futures prices have dropped Rs 790, or 1.68 per cent in the September series so far.

KheloMCX Commodity Market Analysts said a firming trend in global markets including Middle East tension fueled the demand for safe haven. In addition to the reservation utility of the participants, a weak tendency into global markets led to the fall in silver prices in futures trade here.

While, at global market Silver for September delivery fell 0.07% at $21.493 a troy ounce.

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