Silver down 0.28% on reduced offtake

Sluggish demand behind fall in prices

Silver prices fell by Rs 149 to Rs 53,304 per kg in futures trading today on reduced offtake by traders on the back of sluggish demand at prevailing higher levels.

At the Multi Commodity Exchange, silver for delivery in September moved down by Rs 149, or 0.28%, to Rs 53,304 per kg, with a business turnover of 6,809 lots.

December silver lost Rs 106, or 0.25%, to Rs 55,127 per kg in 312 lots.

Market analysts said reduced offtake by traders on the back of sluggish demand in the spot market at prevailing higher levels kept pressure on silver prices at the futures market.