Silver declines on global cues
Subdued demand at prevailing levels weighed on silver futures
Silver prices declined by Rs 154 to Rs 54,215 per kg in futures trade today mostly in line with a weakening trend in global markets as strong dollar reduced the appeal for the precious metals.
Also, subdued demand at prevailing levels at domestic spot markets weighed on the silver futures prices.
At the Multi Commodity Exchange, silver for delivery in December declined by Rs 154, or 0.28%, to Rs 54,215 per kg, with a business turnover of 230 lots.
The September contract lost Rs 113, or 0.21%, to Rs 52,535 per kg in 3,305 lots.
Globally, silver fell by 1.94% to USD 26.91 an ounce in New York yesterday.
Market analysts said apart from sluggish demand in the spot market, weakness in overseas markets also put pressure on the silver futures prices.