Silver futures down 0.50 pc on weak global cues

Silver prices fell 0.50 per cent to Rs 44,948 per kg in futures trade today as participants trimmed their positions, tracking a weakening trend in precious metals overseas.
At the Multi Commodity Exchange, silver for delivery in September contracts shed Rs 226, or 0.50 per cent, to Rs 44,948 per kg in business turnover of 302 lots.
Similarly, the white metal for delivery in far-month December month declined by Rs 195, or 0.42 per cent, to Rs 45,801 per kg in business volume of six lots.
Analysts attributed the fall in silver prices at futures trade to offloading of positions by speculators as cooling down of geopolitical tensions in Ukraine reduced demand for the metal as an alternative investment.

In the international market, silver fell by 0.60 per cent to USD 20.80 an ounce in Singapore.