Silver futures down on weak global cues, profit-booking

Silver remained under pressure as prices declined by 0.89 per cent Rs 62,786 per kg in futures trading on Wednesday on continued profit-booking by speculators after recent strong gains amid a weak trend overseas.

At the Multi Commodity Exchange, silver for July delivery plunged Rs 561, or 0.89 per cent to Rs 62,786 per kg after touching a low of Rs 62,412, with a business volume of 3,506 lots.

Similarly, the white metal for May delivery dropped by Rs 517, or 0.83 per cent to Rs 62,000 per kg after touching a low of Rs 61,936 per kg, with an open interest in 47 lots.

Analysts said the fall in silver futures was mostly due to a plunge of nearly three per cent in its prices in the global markets, after it had climbed to an over 31-year high recently on the back of a weaker dollar and escalating tension in the Middle East and North Africa.

Meanwhile, silver was trading at USD 41.20 an ounce in the Asian trade on Wednesday.