Silver futures slide 0.89 pct on global trend

Silver prices for delivery in March plunged by Rs 470 or 0.89 per cent,to Rs 52,406 per kg in business turnover of 7 lots.

Silver futures prices fell 0.89 per cent,to Rs 52,406 per kg today tracking a weak global trend and profit-booking by speculators.

At the Multi Commodity Exchange,silver prices for delivery in March plunged by Rs 470 or 0.89 per cent,to Rs 52,406 per kg in business turnover of 7 lots.

Similarly,the white metal prices for delivery in December contracts lost Rs 439,or 0.85 per cent,at Rs 51,311 per kg in 339 lots.

Market analysts said besides profit-booking by speculators a weak trend in the precious metals overseas as US economic data backed the case for reduced stimulus after the Federal Reserve this week maintained the pace of monthly bond purchases,put a pressure on silver futures here.

Further,the rising emerging market currencies,including the Indian rupee,making imports of dollar-quoted precious metals cheaper,also weighed on the white metal prices,they said.

Globally,silver for spot delivery fell 0.58 per cent to USD 22.95 an ounce in Singapore today.