Silver futures drop on weak overseas cues

Silver prices fell Rs 221 to Rs 41,610 per kg in futures trade today as speculators reduced their exposure amid a weak trend in global markets.
At Multi Commodity Exchange, silver prices for delivery in July traded lower by Rs 221, or 0.53 per cent, to 41,610 per kg in business turnover of 673 lots.
Similarly, the metal for delivery in May declined Rs 219, or 0.53 per cent, to Rs 41,070 per kg in business volume of 236 lots.
In the international market, silver prices fell 0.47 per cent to USD 17.81 an ounce in Singapore today.
Analysts attributed the fall in silver prices in futures trade to a weak trajectory in global markets after centrist Macron led the first round of voting in the French presidential election, boosting stocks and triggering a sell- off of safe-haven bullion.