Silver futures down 0.2% on weak global cues

Silver prices were down by 0.17% to Rs 39,285 per kg in futures trade today as speculators engaged in reducing their positions largely in tune with a weakening trend overseas.

At the Multi Commodity Exchange, silver for delivery in far-month May 2015 contracts traded lower by Rs 68, or 0.17%, to Rs 39,285 per kg in business turnover of five lots.

Also, the white metal for delivery in March next year contracts declined by Rs 52, or 0.13%, to Rs 38,670 per kg in business volume of 220 lots.

In the international market, silver fell 0.20% to $17.06 an ounce in Singapore.

Market analysts said a subdued trend in precious metals in the global markets as dollar strengthened following gains in the US economy boosting speculation that the Federal Reserve will raise interest rates soon, eroded appeal of the bullion, putting pressure on silver futures trade here.