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Silver plunges Rs 390 on weak global cues

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by November 11, 2016 General

Press Trust of India  |  New Delhi 

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Taking weak cues from global market, silver prices tumbled by Rs 390 to Rs 43,776 per kg in futures trade today as participants engaged in cutting down their bets.

Moreover, profit-booking after recent gains too put pressure on silver prices.

At the Multi Commodity Exchange, silver for delivery in December was trading lower by Rs 390 or 0.88 per cent to Rs 43,776 per kg in a business turnover of 305 lots.

The white metal for delivery in March next year too lost Rs 359 or 0.80 per cent to Rs 44,372 per kg in a business volume of 28 lots.

In the international market, silver was trading 0.24 per cent down at USD 18.54 an ounce in Singapore.

Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas as strength in the dollar, eroded demand for the precious metals as a haven.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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