Silver Retreats On Profit Booking

Silver futures fell during evening trade in the domestic market on Friday as the sharp gains in the previous session when prices soared by over 4 per cent as investors scurried for shelter in the safety of the precious metal amidst a growing global gloom paved the way for profit booking, by investors and speculators, in the bullion, at existing levels.

Worries over a faltering global economic recovery amidst a China slowdown, uncertainty over US interest rate outlook and tumbling oil prices sparked a flight to safe haven assets, boosting Silver prices in recent sessions.
 

At the MCX, Silver futures for March 2016 contract is trading at Rs 38,033 per kg, down by 0.67 per cent after opening at Rs 38,085, against the previous closing price of 38,288. It touched the intra-day low of Rs 37,834.