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Weak global cues drag down silver futures by Rs 189/kg

Press Trust of India  |  New Delhi 

Taking weak cues from overseas markets, silver prices drifted lower by Rs 189 to Rs 39,900 per kg in futures trading today as speculators trimmed their commitments.

At the Multi Commodity Exchange, silver for delivery in December was trading lower by Rs 189, or 0.47 per cent to Rs 39,900 per kg in a business turnover of 241 lots.

Likewise, the white metal for delivery in March shed Rs 58, or 0.14 per cent to Rs 40,809 per kg in 753 lots.

Traders said the fall in silver prices was largely in tune with a weak trend in precious metals at global market as the dollar's surge to the highest in at least a decade and signs that the US Fed is moving closer to increasing rates, eroded the metals' appeal as a safe-haven asset.

In the international market, silver fell 0.81 per cent to USD 16.48 an ounce in New York.

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

First Published: Thu, December 01 2016. 12:32 IST