Silver plunges Rs 278 on weak global cues; profit-booking

New Delhi: Continuing its slide for yet another session, silver prices were down by another Rs 278 to Rs 36,810 per kg in futures trade today, as participants engaged in trimming their positions, tracking a weak trend overseas.

At the Multi Commodity Exchange, silver for delivery in March was trading lower by Rs 278 or 0.75 per cent to Rs 36,810 per kg in a business turnover of 327 lots. On similar lines, the white metal for delivery in far-month May was lost Rs 266 or 0.71 per cent to Rs 37,260 per kg in a business volume of five lots.

In the international market, silver was trading 0.88 per cent down at USD 15.20 an ounce in Singapore today. Marketmen attributed the persistent fall in silver prices at futures trade to a weak trend in the precious metals in global market as the recovery in equities reduced demand for the safe-haven investment. Furthermore, profit booking at current levels weighed on the white metal prices, they said.

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