Silver futures down 1.5% on global cues

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Silver prices fell by 1.49% to Rs 48,666 per kg in futures trade today as speculators indulged in trimming positions, taking weak cues from the global markets.

 

At the Multi Commodity Exchange, silver for delivery in December traded lower by Rs 735 or 1.49%, to Rs 48,666 per kg in business turnover of 470 lots.

 

Similarly, the white metal for delivery in March declined by Rs 617, or 1.22%, to Rs 49,883 per kg in business volume of 4 lots.

 

In the international market, silver traded 1.20% lower at $21.47 an ounce, dropping for the third day in Singapore.

 

Market analysts said a weak trend in precious metals in the global markets on speculation the US Federal Reserve will cut its monthly asset purchases at the end of a two-day meeting today, led the fall in silver prices at futures trade here.