Silver futures down 0.80% on overseas trend

Silver prices softened by 0.80% to Rs 58,200 per kg in futures trading today after speculators reduced their positions, tracking weak global markets.

At the Multi Commodity Exchange, silver for delivery in September declined by Rs 472, or 0.80% to Rs 58,200 per kg, with a business turnover of 39 lots.

Similarly, the white metal for delivery in July fell by Rs 452, or 0.78% to Rs 57,467 per kg in 1,127 lots.

Analysts attributed the decline in silver futures prices to reducing of positions by speculators, taking cues from weak global markets.

Meanwhile, in the Asian region, silver traded 1.22% lower at $38 an ounce.