Silver prices drop 3% in futures trade

Silver prices slumped by Rs 1,229 to Rs 37,398 per kg in futures trade today as speculators cut bets even as the white metal recovered overseas.

Silver prices slumped by Rs 1,229 to Rs 37,398 per kg in futures trade today as speculators cut bets even as the white metal recovered overseas.

Silver for delivery in December was down by Rs 1,212 or 3.18 percent, to Rs 37,398 per kg in futures trade at the Multi Commodity Exchange. It clocked a business volume of 398 lots.

On similar lines, the contract for delivery in September dropped Rs 1,212, or 3.21 percent, to Rs 36,587 per kg with a business volume of 2,872 lots.

Market analysts said trimming of positions by participants despite a slightly better trend in global markets pulled down prices in futures trade.

In the international market, silver traded 0.49 percent higher at USD 14.48 an ounce in Singapore.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)