Silver down by 0.4% on weak global cues

Participants reduced their exposure, taking weak cues from overseas markets

Taking weak cues from overseas markets, silver prices were down Rs 153 to Rs 36,976 per kg in futures trade today, as participants reduced their exposure.

At the Multi Commodity Exchange, silver for delivery in far-month July fell Rs 153, or 0.44%, to Rs 36,976 per kg, in a business turnover of six lots.

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Similarly, the white metal for delivery in May was trading lower by Rs 150, or 0.41%, to Rs 36,519 per kg, in a business volume of 295 lots.

In the international market, silver traded little changed at $15.17 an ounce in Singapore today.

Traders said the fall in silver prices at futures trade was largely in line with a weak trend in precious metals in global markets as a rally in dollar eroded demand for safe-haven assets.

Moreover, profit-booking at existing levels weighed on the white metal prices, they said.