 "Silver falls by 1.1% on weak global cues")
Amid a weakening trend overseas, silver prices tumbled Rs 392 to Rs 34,008 per kg in futures trade today as speculators cut their holdings.
Silver for delivery in March next year was trading sharply lower by Rs 392, or 1.14%, at Rs 34,008 per kg in a business turnover of 812 lots in futures trading at Multi Commodity Exchange (MCX).
On similar lines, the white metal for delivery in far-month May slumped Rs 396, or 1.14%, at Rs 34,401 per kg, with a business turnover of 23 lots.
Market analysts said a weak trend in precious metals in global markets after the US Federal Reserve ended the zero-interest-rate era and flagged a quartet of increases in 2016, boosting the dollar and reducing demand for the precious metals as an alternate.
Silver for delivery in March next year was trading sharply lower by Rs 392, or 1.14%, at Rs 34,008 per kg in a business turnover of 812 lots in futures trading at Multi Commodity Exchange (MCX).
On similar lines, the white metal for delivery in far-month May slumped Rs 396, or 1.14%, at Rs 34,401 per kg, with a business turnover of 23 lots.
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In the international market, silver traded 0.92% lower at $14.04 an ounce in Singapore.
Market analysts said a weak trend in precious metals in global markets after the US Federal Reserve ended the zero-interest-rate era and flagged a quartet of increases in 2016, boosting the dollar and reducing demand for the precious metals as an alternate.
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