Silver down tracking global cues

Firm dollar erased demand for teh precious metal

Silver prices fell Rs 195 at Rs 54,122 per kg in futures trade today as speculators trimmed positions on weak cues from global markets.

A weakening trend at the spot markets due to subdued demand also put pressure on metal prices.

At the MCX, silver for delivery in July was trading Rs 195, or 0.36%, lower at Rs 54,122 per kg, with a turnover of 1,115 lots.

The September contract dropped by Rs 182, or 0.33%, to Rs 55,504 per kg, with a business turnover of 49 lots.

Analysts said a weak trend in global markets on persistent euro-zone debt troubles and strengthening of the US dollar reduced appeal of precious metals in the international markets today.

This mainly put pressure on the silver futures prices in the local markets today.

Subdued demand at domestic spot markets also weighed down the prices, they said.

Meanwhile, silver fell by 1.3% to $27.94 an ounce in Singapore today.