Silver futures down 0.76% on reduced offtake

Silver prices fell by Rs 409 to Rs 53,195 per kg in futures trade today on reduced offtake by speculators following a fall in demand in the spot market.

At the Multi Commodity Exchange, March silver fell by Rs 409, or 0.76%, to Rs 53,195 per kg, with an open interest for 7,127 lots.

The May contract lost Rs 412, or 0.75%, to Rs 54,390 per kg, with a trading volume of 256 lots.

Market analysts said reduced offtake by traders due to a fall in demand in the spot market at prevailing higher levels mainly led to the fall in silver prices in futures trade.