Silver futures down 0.22% on overseas trend

Amid weak trend overseas and profit-booking, silver futures prices fell by 0.22% to Rs 60,552 per kg today as speculators trimmed their exposures.

At the Multi Commodity Exchange, the March contract fell by Rs 135, or 0.22%, to Rs 60,552 per kg in a business turnover of 3,214 lots.

The May contract traded lower by Rs 136, or 0.22%, to Rs 61,941 per kg with a volume of business of 178 lots.

Analysts attributed fall in silver futures prices to a weak trend in global markets as signs that US lawmakers may be closer to a budget deal boosted equities and reduced demand for the precious metals as an alternative asset.

Globally, in New York, silver prices fell by 1.9%, to $31.66 an ounce after touching $31.40 in yesterday's trade, the lowest since November 7.