Silver futures fall from record on profit-booking, global cues

NEW DELHI: Silver prices fell from record by losing Rs 504, to Rs 49,786 per kg in futures trading today as investors locked in gains at prevailing higher levels amid weakening trend overseas.
At the Multi Commodity Exchange , silver for delivery in March fell by Rs 504, or 1 per cent, to Rs 49,786 per kg, with a business turnover of one lot. It climbed to Rs 50,420 per kg in the yesterday's session on rising oil prices in global markets and the growing unrest in Middle East.
Similarly, the metal for delivery in July declined by Rs 452, or 1.07 per cent, to Rs 50,936 per kg, with an open interest of two lots. Yesterday, it zoomed to hit a high of Rs 51,583 per kg.
"Today's fall in silver prices was due to profit booking at record levels, attracted investors to offload their positions," said an analyst, adding that "the white metal may witness further fall in its prices in the coming sessions".
Market analysts said profit booking by speculators and resistance at higher levels in global markets, pulled down the silver prices from record high levels at futures trade here.
Meanwhile, silver prices lost as much as 1.8 per cent to USD 33.29 an ounce, reversing an earlier advance of USD 34.31, the highest level since 1980.

(Source: http://economictimes.indiatimes.com/markets/commodities/silver-futures-fall-from-record-on-profit-booking-global-cues/articleshow/7546031.cms)