Silver futures decline by Rs 316 on global cues

Silver prices fell sharply by Rs 316 to Rs 37,616 per kg in futures trade today as speculators reduced their positions amidst a weak global trend.
The exchanged opened for evening session as it remained closed for morning session on account of "Mahavir Jayanti".
At the Multi Commodity Exchange, silver for delivery in May moved down by Rs 316, or 0.75 per cent, to Rs 37,616 per kg in a business turnover of 905 lots.
Also, the white metal for delivery in far-month July fell by Rs 288, or 0.75 per cent, to Rs 38,050 per kg in nine lots.

Analysts said besides profit-booking by speculators, a weak global trend weighed on silver prices at futures trade here.
Meanwhile, silver fell by 0.4 per cent to USD 16.88 an ounce in Singapore.