Silver futures down 0.21% on weak global cues

Taking weak cues from overseas markets, silver prices were down by 0.21 per cent to Rs 39,593 per kg in futures trading today, as participants cut down their bets.
Also, profit-booking at prevailing levels by speculators weighed on prices.
At the Multi Commodity Exchange, silver for delivery in May dropped by Rs 84, or 0.21 per cent, to Rs 39,593 per kg, in a business turnover of 38 lots.
Similarly, the white metal for delivery in March was trading lower by Rs 78, or 0.20 per cent, to Rs 39,063 per kg in 623 lots.
Traders said offloading of positions by participants and a weak global trend as the dollar strengthened, diminishing appeal of the precious metals, while traders awaited the US Federal Reserve policy meeting for any indications on interest rate hikes this year, led to the fall in silver prices at futures trade.

Globally, silver shed 0.34 per cent to USD 17.55 an ounce in Singapore.