Silver down by 1% in futures trade on weak global cues

Silver prices declined by Rs 379 to Rs 37,018 per kg in futures trade today as speculators engaged in reducing positions largely in tune with a weakening trend overseas.

At the Multi Commodity Exchange, silver for delivery in December was trading down by Rs 379, or 0.99%, at Rs 37,018 per kg in business turnover of 775 lots.

Similarly, the white metal for delivery in far-month March 2016 declined by Rs 346, or 0.91%, to Rs 37,750 per kg in a business volume of 14 lots.

In the international market, silver lost 1% at $15.88 and ounce in Singapore today.

Market analysts said a subdued trend in the precious metals in global markets as signs of a buoyant US economy revived expectations that the Federal Reserve may raise interest rates and data showed that China expanded quicker than economists forecast in the third quarter, put pressure on silver futures here.