Silver down 0.17% on weak global cues

Silver futures prices fell by Rs 100, or 0.17%, to Rs 58,610 per kg today, after speculators trimmed their exposure amid a weak trend in global markets.

At the Multi Commodity Exchange, the March contract for silver fell by Rs 100, or 0.17%, to Rs 58,610 per kg, with a business turnover of 612 lots.

The May contract also lost Rs 76, or 0.13%, to Rs 60,405 per kg, with a business volume of 216 lots.

Market analysts attributed the fall in silver futures prices to subdued trend in overseas markets after Standard & Poor's cut Greece's credit rating, weakening the euro against the dollar and damping demand for alternative investments.

Silver was trading slightly lower at $35.41 an ounce in early trade today in Singapore.