Silver futures decline on global cues, profit-booking

Silver prices fell 0.47 per cent to Rs 38,470 per kg in futures trade Tuesday as speculators trimmed positions amid a weakening trend overseas.

Silver for delivery in March next year traded lower by Rs 183, or 0.47 per cent, to Rs 38,470 per kg in a business turnover of 3 lots in futures trading at the Multi Commodity Exchange (MCX).

Similarly, the white metal for delivery in December fell Rs 137, or 0.36 per cent, to Rs 37,730 per kg in a business turnover of 605 lots.

In international market, silver traded 0.11 per cent lower at USD 14.21 an ounce in Singapore Tuesday.

Market analysts said a weak trend in precious metals in global markets as investors await details from Federal Reserve meeting, when the US central bank is expected to raise benchmark interest rates and shed light on the path for future rate hikes and profit-booking by speculators, kept pressure on silver futures.