Silver futures soften 0.16 pc on overseas cues

Silver prices were down by 0.16 per cent to Rs 38,436 per kg in futures trade today as participants offloaded position in line with a weak global trend.
At Multi Commodity Exchange, silver for delivery in September declined by Rs 62, or 0.16 per cent to Rs 38,436 per kg in business turnover of 95 lots.
Similarly, the metal for delivery in July contracts shed Rs 57, or 0.15 per cent to Rs 37,891 per kg in 3,436 lots.
Market analysts said offloading of positions by speculators in tandem with a weak global trend mainly kept pressure on silver prices at futures trade.

Globally, silver lost 0.2 per cent to USD 16.49 an ounce in Singapore.