Silver tumbles Rs 113 on weak global cues

TIL Desk/Business/New Delhi/Silver prices dropped by Rs 113 to Rs 42,331 per kg in futures trade today as participants cut down their bets amid a weak trend overseas.

At the Multi Commodity Exchange, silver for delivery in far-month July was trading lower by Rs 113, or 0.27 per cent, to Rs 42,331 per kg, in a business turnover of 115 lots.

Similarly, the white metal for delivery in May month declined by Rs 89, or 0.31 per cent, to Rs 41,809 per kg in a business volume of 557 lots. Globally, silver fell 0.68 per cent to USD 18.13 an ounce in New York yesterday.

Traders attributed the fall in silver prices at futures trade to a weak trend in precious metals in global markets and profit-booking by speculators.