Silver futures drop 1.1% on sluggish demand, global cues

Silver futures prices today dropped by Rs 597 to Rs 53,795 per kg on slackened spot demand amid a weak trend in overseas markets.

At the Multi Commodity Exchange, silver for delivery in July dropped by Rs 597, or 1.10%, to Rs 53,795 per kg in business turnover of 9,863 lots.

September silver lost Rs 583, or 1.05%, to Rs 55,183 per kg in 493 lots.

Analysts said sluggish demand in the spot market and weak trend in overseas markets mainly kept pressure on silver prices at futures trade.

Meanwhile, silver lost 1.7% to $27.71 an ounce in Singapore.