Silver futures down 0.7% on overseas trend

The fall in silver futures is attributed to a weak trend in global markets

Silver prices dropped by Rs 366 to Rs 53,744 per kg in futures market today as speculators reduced their positions, taking cues from weak global markets.

At the MCX, the July delivery dropped by Rs 366, or 0.68%, to Rs 53,744 per kg, with a business turnover of 7,166 lots.

The September contract lost Rs 346, or 0.62%, to Rs 55,170 per kg in 378 lots.

Analysts attributed the fall in silver futures to a weak trend in global markets.

Meanwhile, silver fell 0.6% to $27.54 an ounce in Singapore.