Silver futures down 0.2% on global trend

Signs that US economy is improving hurts demand for bullion as alternative investment

Silver futures prices today moved down by 0.21% to Rs 59,488 per kg in line with a weakening trend overseas.

At the Multi Commodity Exchange, silver for delivery in December fell by Rs 126, or 0.21%, to Rs 59,488 per kg, with a business turnover of 1,735 lots.

March silver lost Rs 116, or 0.19%, to Rs 61,302 per kg, with a business turnover of 62 lots.

Marketmen attributed the fall in silver futures to a weak trend overseas before the policy-setting Federal Open Market Committee meeting today amid signs that the US economy is improving, hurting demand for bullion as an alternative investment.

 

Meanwhile, silver dropped 0.5% to $32.26 an ounce in Singapore.