Silver futures dip on reduced offtake, global cues

Silver prices dipped by Rs 403 to Rs 60,521 per kg in futures trading today due to reduced offtake at existing higher levels, influenced by a weakening global trend.

At the Multi Commodity Exchange, silver for delivery in July dipped by Rs 403, or 0.66%, to Rs 60,521 per kg, with a business volume of a single lot.

Similarly, the white metal for delivery in May dropped by Rs 388, or 0.65%, to Rs 59,612 per kg, with a business turnover of two lots.

Traders said reduced offtake at prevailing higher levels amid a weakening global trend mainly pulled down silver prices at futures trade.

Meanwhile, silver shed one% to $39.83 an ounce in Asia, after reaching $41.95 yesterday, the highest level since 1980.