Silver down on weak global cues
Sluggish demand also pulled prices lower
Silver prices declined by Rs 203 to Rs 55,220 per kg in futures trading today largely in line with a weakening trend overseas amid subdued spot demand.
At the MCX, silver for delivery in September declined by Rs 203, or 0.37%, to Rs 55,220 per kg in business turnover of 80 lots.
The July contract shed Rs 171, or 0.32%, to Rs 53,793 per kg in 1,607 lots.
Market analysts escalation concerns that the debt crisis in Europe is deepening strengthened the dollar -- thus, reducing demand for the precious metals -- weighed on the silver futures prices here.
Besides, slackened demand at spot markets, too, had a negative impact, they said.
Silver, on the Singapore exchange, fell for the third day, falling as much as 0.6% to $27.70 an ounce in Singapore.