Silver futures down 1.7% on weak global cues

Metal for delivery in far-month February declined by 1.6%

Silver prices fell sharply by 1.72% to Rs 49,170 per kg in futures trade today as speculators indulged in trimming positions largely in tune with a weakening trend in the global markets.

At the Multi Commodity Exchange, silver for delivery in December traded lower by Rs 858, or 1.72%, to Rs 49,170 per kg in business turnover of 1,270 lots.

The white metal for delivery in far-month February declined by Rs 855, or 1.66%, to Rs 50,650 per kg in a business volume of 25 lots.

In the international market, Silver tumbled 1.9% to $22.32 an ounce in Singapore.

Market analysts said a weak trend in the global markets on speculation that the US Federal Reserve will begin scaling back monetary stimulus as the economy improves led to fall in silver prices at futures trade here.