Silver down on weak global cues
Slack demand also pulled prices lower
Silver futures prices today fell by Rs 398 at Rs 53,693 per kg as speculators trimmed positions on weak global cues.
Further, a slackness in demand at the spot markets put pressure on the metal prices.
At the MCX, silver for delivery in July was trading Rs 398, or 0.74%, lower at Rs 53,693 per kg, with a turnover of 1,176 lots.
The September contract dropped by Rs 396, or 0.71%, to Rs 55,099 per kg, with a business turnover of 59 lots.
Analysts said the fall in silver futures was mainly due to a weakening trend in overseas after the US Federal Reserve Chairman gave no hint on imminent stimulus, disappointing investors and dampening the appeal of precious metals as a hedge against monetary easing.
Subdued demand at domestic spot markets also weighed on prices, they said.
Meanwhile, silver fell 1.2% to $28.24 an ounce in Singapore today.