Silver down 0.2% on sluggish spot demand

Reduced offtake by traders amid a weak overseas trend fuels negative sentiment

Silver prices declined by Rs 102 to Rs 54,474 per kg in futures trading today due to reduced offtake by traders amid a weak trend in overseas markets.

At the MCX, silver for delivery in July lost Rs 102, or 0.19% to Rs 54,474 per kg in business turnover of 11,982 lots.

September silver shed Rs 94, or 0.17%, to Rs 55,837 per kg in 584 lots.

Market analysts said besides weak trend in overseas market, reduced offtake by traders at prevailing higher levels mainly kept pressure on silver prices at futures market.

Meanwhile, silver fell by 0.2% to $28.68 an ounce in Singapore.