Silver futures decline on global trend

Speculators reduce positions tracking a weak trend overseas

Silver prices edged lower by 0.34% to Rs 52,712 per kg in futures trade today as speculators reduced positions tracking a weak trend overseas.

At the Multi Commodity Exchange, the September contract for silver traded Rs 178, or 0.34%, lower at Rs 52,712 per kg, with a business turnover of 2,285 lots.

The December contract lost Rs 157, or 0.29%, to Rs 54,436 per kg, with a business turnover of 136 lots.

Market analysts attributed the fall in silver futures to a weakening trend in global markets after Federal Reserve provided no specific plans for boosting growth in the US, curbed demand for the precious metals.

Meanwhile, silver traded 0.50% lower at $27.17 in Singapore.