Silver futures decline on profit-booking

Silver prices fell sharply by Rs 197 to Rs 38,900 per kg in futures trade today due to profit-booking at existing levels and weak trend overseas.



At the Multi Commodity Exchange, silver for delivery in July traded lower by Rs 197, or 0.50 per cent, to Rs 38,900 per kg in a business turnover of just three lots.



Also, the white metal for delivery in May declined by Rs 171, or 0.44 per cent, to Rs 38,442 per kg in a business volume of 478 lots.



In international market, silver prices fell by 0.4 per cent to $17.05 an ounce in Singapore.



Market analysts said apart from the profit-booking by participants, a weak trend in global markets led to the fall in silver prices at futures trade here.



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Posted in: Indian Market Tips