Silver loses shine by Rs 208 on profit booking

Taking weak cues from overseas markets, silver prices dropped by Rs 208 to Rs 39,581 per kg in futures trade on Thursday, as participants cut down their bets.

Moreover, profit-booking at prevailing levels by speculators weighed on silver prices. At the Multi Commodity Exchange, silver for delivery infar-month May was trading lower by Rs 208, or 0.52 per cent, to Rs 39,581 per kg, in a business turnover of five lots.

Similarly, the white metal for delivery in March declined by Rs 194, or 0.50 per cent, to Rs 38,946 per kg, in a business volume of 509 lots. In the international market, silver fell 0.31 per cent to USD 15.85 an ounce in Singapore on Thursday.

Traders said the fall in silver prices at futures trade was largely in tandem with a weak trend in precious metals in global markets on profit-booking by speculators.