Silver futures down by 1.3% on overseas cues

Recovery in the rupee also put pressure on silver futures prices

Silver futures prices today fell by another 1.25% to, Rs 54,301 per kg, extending its yesterday's slide, as speculators engaged in off-loading positions amid a weakening overseas trend and recovery in rupee's value.

 

Analysts said besides a weak trend in the overseas markets on concern over the US Fed scaling back stimulus, recovery in the rupee, making dollar-quoted precious metals cheaper, put pressure on silver futures prices.

 

At the Multi Commodity Exchange, silver prices for delivery in December declined further by Rs 689, or 1.25% to Rs 54,301 per kg in a turnover of 692 lots.

 

Similarly, the white metal prices for delivery in far-month March plunged by Rs 689, or 1.21%, at Rs 55,510 per kg in 10 lots.

 

Meanwhile, silver slid 0.20% to $23.43 an ounce in Singapore today.