Silver futures down 0.92% on global cues

Silver declined by 0.92% to Rs 54,132 per kg in futures trade today as speculators offloaded positions in tandem with a weakening global cues.

At the Multi Commodity Exchange, silver for delivery in July dropped by Rs 501, or 0.92%, to Rs 54,132 per kg, with a business volume of 3,099 lots.

September silver shed Rs 481, or 0.87%, to Rs 54,868 per kg, with a trade turnover of 166 lots.

Market analysts said off-loading of speculative positions by participants, driven by a weakening global trend and subdued demand at domestic spot markets, kept pressure on the silver futures prices here.

Meanwhile, silver declined by 0.77% to $35.87 an ounce in the Asian region today.