Silver down over 1% on overseas trend

Firm dollar against the euro erased gains for the precious metal

Silver prices nosedived by 1.17% to Rs 53,010 per kg in futures trading today as speculators engaged in reducing their positions, taking cues from weak global markets.

At the MCX, silver for delivery in July dipped by Rs 625, or 1.17%, to Rs 53,010 per kg, with a business volume of 6,107 lots.

The metal for delivery in September also moved down by Rs 628, or 1.14%, to Rs 54,426 per kg, with a trade volume of 307 lots.

Analysts said the fall in silver futures was due to a weak trend in the Asian region as a stronger dollar eroded the appeal of precious metals as an alternate investment.

Meanwhile, silver fell by 0.30% to $28.05 an ounce in the Asian region, the lowest price since January 3.