Silver futures decline on weak global cues

Market analysts attribute the fall in silver futures to a weakening trend in global markets

Silver prices fell by Rs 227 to Rs 53,317 per kg in futures trade today as speculators reduced positions tracking a weak trend overseas.

At the Multi Commodity Exchange, the Spetember contract for silver declined by Rs 227, or 0.42%, to Rs 53,317 per kg, with a business turnover of 1,616 lots.

The December contract lost Rs 221, or 0.40%, to Rs 54,958 per kg, with a business turnover of 62 lots.

Market analysts attributed the fall in silver futures to a weakening trend in global markets as a stronger dollar, which reached a two-year high, curbed demand for the precious metals as an alternative investment.

Meanwhile, silver traded 0.29% lower at $27.26 in Singapore.