Silver futures down 0.22% on weak global cues

Weak demand in domestic markets influences prices

Silver prices moved down by 0.22% to Rs 59,825 per kg in futures trade today after speculators trimmed positions amid negative cues from the global markets.

At the Multi Commodity Exchange, silver for delivery in December moved down by Rs 134, or 0.22%, to Rs 59,825 per kg, with a business turnover of 1,953 lots.

March silver declined by Rs 127, or 0.21%, to Rs 61,573 per kg in 91 lots.

Marketmen said speculators offloaded positions in line with a weak global trend on concerns that the economy is slowing and China may refrain from additional economic stimulus, reducing the appeal for the precious metals.

 

A weak trend at the domestic spot markets owing to fall in demand at prevailing levels influenced prices, they said.

Silver traded 2.8% lower at $32.74 an ounce in New York in yesterday's trade.