Silver futures down 0.65 pc on global cues

Silver prices were trading down 0.65 per cent to Rs 38,390 per kg in futures trading today as speculators reduced their exposure, driven by a weak trend in global markets.
At Multi Commodity Exchange, silver prices for delivery in March fell by Rs 250, or 0.65 per cent, to Rs 38,390 per kg in a business turnover of 1,063 lots.
On similar lines, the white metal for delivery in far-month May traded lower by Rs 225, or 0.57 per cent, to Rs 38,935 per kg in 204 lots.
Analysts attributed the fall in silver prices in futures trade to a weak trend in global markets as minutes from the last US Federal Reserve indicated a hike in interest rates, strengthening the dollar and reducing the appeal of the precious metals as a safe haven investment.

Meanwhile, silver fell 0.18 per cent to USD 16.47 an ounce in Singapore.