Silver falls on global cues

Sluggish demand also pulled prices lower

Amid weak trend overseas and sluggish spot market demand, silver prices fell by Rs 123 to Rs 52,775 per kg in futures trade today.

At the MCX, silver for delivery in July fell by Rs 123, or 0.23%, to Rs 52,775 per kg, with a business turnover of 11,617 lots.

The September contract lost Rs 109, or 0.20%, to Rs 54,071 per kg, with an open interest of 1,600 lots.

Marketmen attributed fall in silver futures to a weakening global trend and weak demand at the spot market.

Meanwhile, silver declined 0.4% to $26.78 an ounce, the lowest level since December 29 in Singapore.