Silver slips Rs 1,288 per kgs on MCX

Silver futures on MCX slipped in yesterday's trade by Rs 1,288 per kgs to close at Rs 58,495 per kgs. The down trend was due to profit booking and bearish overseas market.

Gold on the other hand fell by Rs 50 and closed at Rs 27,973 per 10 grams. Strong dollar also weighed on commodities as the rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.

Domestic silver (.999 fineness) dropped by Rs 450 per kg to end at Rs 58,140 from weekend closing level of Rs 58,590.

Tracking global commodities investors opted for dollar as a safe haven.

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