Silver futures down 0.8% on global cues

Silver for delivery in September declined by 0.78%

Silver prices fell by 0.82% to Rs 43,594 per kg in futures trade today as speculators indulged in trimming positions, taking weak cues from the global markets amid a weak trend in the domestic spot markets.

At the Multi Commodity Exchange, silver for delivery in July traded lower by Rs 360, or 0.82%, to Rs 43,594 per kg in business turnover of 1,658 lots.

Similarly, silver for delivery in September declined by Rs 345, or 0.78%, to Rs 44,062 per kg in business volume of 46 lots.

In the international market, silver traded 1.10% lower at $21.17 an ounce, a level last seen on May 20 in Singapore.

Market analysts said a weak trend in precious metals in the global markets as US Federal Reserve Chairman Ben Bernanke said it could start tapering off its massive stimulus programme later this year, mainly weighed on the gold prices at futures trade here, led to fall in silver prices at futures trade here.

Besides, a weakening trend in the domestic spot markets also put pressure on the prices, they said.