Silver futures down 0.5% on global cues, weak spot demand

Fresh euro-zone worries drive investors to seek dollar as a safe haven over the precious metal

Amid weak trend overseas and subdued spot demand at markets, silver prices moved down by Rs 290 to Rs 54,193 per kg in futures trade today.

At the Multi Commodity Exchange, silver for delivery in July fell by Rs 290, or 0.53%, to Rs 54,193 per kg, with a business turnover of 1,877 lots.

September silver lost Rs 298, or 0.53%, to Rs 55,582 per kg, with a business turnover of 62 lots.

Globally, silver prices fell by 0.5 per cent to $27.76 an ounce at midday today in Singapore.

Marketmen said the fall in silver futures was largely in line with a weakening trend overseas as fresh euro-zone worries drove investors to seek the dollar as a safe haven over the precious metal.