Silver futures extend losses, down 2.52 pct on on global cues

Aug 20 2013, 15:44 IST
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SummarySilver fell by 0.95 per cent to 22.97 dollar an ounce in Singapore today.

Taking negative cues from the global market and profit-booking by speculators, silver prices fell 2.52 per cent to trade at Rs 49,925 per kg in futures trade on Tuesday.

At the Multi Commodity Exchange, Silver for delivery in September dipped by Rs 1,290, or 2.52 per cent, to Rs 49,925 per kg in business turnover of 12,918 lots.

In a similar fashion, the white metal for delivery in far-month December contracts traded Rs 1,332, or 2.51 per cent lower, at Rs 51,321 per kg in 1,079 lots.

Market analysts said besides profit-booking at current levels by speculators, a weak trend overseas with investors awaiting minutes from the US central bank's July policy meeting for clues on when it will begin scaling back its commodities-friendly stimulus steps, mainly weighed on silver prices at futures here.

Meanwhile, silver fell by 1.90 per cent to 22.75 dollar an ounce in Singapore today.

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