Silver futures down 1.4% on overseas trend

Taking weak cues from global markets and subdued spot demand, silver futures today fell by 1.44% to Rs 62,313 per kg as speculators trimmed their exposures.

At the Multi Commodity Exchange, the March silver fell sharply by Rs 911, or 1.44%, to Rs 62,313 per kg in a business turnover of 9,304 lots.

The May delivery traded lower by Rs 870, or 1.35%, to Rs 63,735 per kg with a volume of business of 314 lots.

Analysts attributed fall in silver futures prices to a weak trend in global markets as some investors sold the metal after recent rally amid concern about the US budget deadlock and dollar strengthened, reducing demand for precious metals. 

Meanwhile, in Singapore silver prices dropped by 1.6%, to $32.93 an ounce after jumping 1.5% yesterday.