Silver falls 0.6% on weak global cues

Participants cut down their bets taking weak cues from overseas markets

Taking weak cues from overseas markets, silver prices dropped by Rs 202 to Rs 34,511 per kg in futures trade today as participants cut down their bets.

At the Multi Commodity Exchange, silver for delivery in far-month March 2016 was trading lower by Rs 202, or 0.58%, to Rs 34,511 per kg in a business turnover of 202 lots.

Similarly, the white metal for delivery in December declined by Rs 141, or 0.41%, to Rs 33,940 per kg in a business volume of 624 lots.

In the international market, silver fell 1.09% to $14.12 an ounce in Singapore today.

Traders said the fall in silver prices at futures trade was largely in step with a weak trend in precious metals in global markets as expectations for a hike in US borrowing costs by the end of the year boosted the dollar, curbing the metal's appeal.