Silver down on weak global trend

Firm rupee also kept prices down

Amid weakening global trend, silver prices dropped by Rs 297 to Rs 54,190 per kg in futures trade today as speculators reduced their positions.

At the MCX, silver for delivery in July dropped by Rs 297, or 0.55% to Rs 54,190 per kg in business turnover of 6,148 lots.

The September contract lost Rs 263, or 0.47%, to Rs 55,608 per kg in 426 lots.

Market analysts said speculators reduced their positions, tracking a weak trend in global markets.
 
Meanwhile, silver fell 0.8% to $28.28 an ounce in Singapore.