Silver futures down 0.77% on weak global cues

Silver prices moved down by 0.77% to Rs 62,627 per kg in futures trading today as speculators reduced their positions, tracking a weak trend at spot market on subdued demand amid a weak global cues.

At the Multi Commodity Exchange, the December contract for silver fell by Rs 483, or 0.77%, to Rs 62,627 per kg in a business turnover of 5,386 lots.

The March contract traded lower by Rs 503, or 0.77%, to Rs 64,628 per kg with an open interest of 1,914 lots.

Market analysts said speculators reduced their positions, tracking a weak trend at spot market on sluggish demand and a weak global trend mainly kept pressure on silver futures.

Meanwhile, silver shed 0.82% to $33.77 an ounce in New York last night.