Silver futures shed Rs 228 per kg on global cues

Traders pare exposure, as possibility of a rate hike by US Fed maintains pressure on metal

Silver prices fell by Rs 228 to Rs 34,783 per kg in futures trade today as speculators reduced their exposures amid a weakening trend overseas.

At the Multi Commodity Exchange, silver for delivery in far-month December traded lower by Rs 228, or 0.65 per cent, to Rs 34,783 per kg in a business turnover of 6,138 lots.

March silver lost Rs 217, or 0.61 per cent, to Rs 35,533 per kg in a business volume of 69 lots.

In the international market, silver lost 0.38 per cent at $14.54 an ounce in Singapore.

Market analysts said a weak trend in precious metals in the global markets after Federal Reserve Chair Janet Yellen signalled that the US central bank may be on course to raise interest rates before the year is over, kept pressure on silver futures here.