Silver futures continue to slide on weak global cues

Silver continued its downward trend for yet another session and its prices fell sharply by Rs 786 to Rs 59,260 per kg in futures trade today as speculators engaged in off-loading their positions, taking cues from a weakening global market.

At the Multi Commodity Exchange, silver for delivery in July dipped by Rs 786, or 1.31% to Rs 59,260 per kg, with a business turnover of three lots.

Similarly, the metal for delivery in May fell by Rs 361, or 0.61% to Rs 58,470 per kg, with a trade volume of a single lot.  

Market analysts said continued off-loading by speculators in line with weakening global trend where the white metal tumbled from record high, mainly pulled down silver futures prices.

Slackened demand at the domestic spot markets at prevailing levels, also cast its shadow on the sentiments, they said.  

Meanwhile, silver in New York fell by 1.4% to $38.85 an ounce, taking losses to 22% since the metal peaked to the highest level since 1980 on April 25.