Silver futures down 0.9% on weak global cues

Silver prices fell by 0.90% to Rs 35,563 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 December contracts traded lower by Rs 324, or 0.90%, to Rs 35,563 per kg in business turnover of 947 lots.

Similarly, the white metal for delivery in far-month March next year contracts declined by Rs 270, or 0.74%, to Rs 36,445 per kg in business volume of 435 lots.

In the international market, silver fell 1.20% to USD 16.05 an ounce in Singapore, the lowest since November 20.

Market analysts said a subdued trend in precious metals in the global markets as crude oil at the lowest level in four years increased prospects for a cooling of consumer prices, reducing demand for an inflation hedge, put pressure on silver futures trade here.