Silver futures down by 0.21%

Taking weak cues from global markets and subdued spot demand, silver futures prices today fell by 0.21% to Rs 58,919 per kg as speculators trimmed their positions.

At the Multi Commodity Exchange, the May contract fell by Rs 123, or 0.21%, to Rs 58,919 per kg in a business turnover of 54 lots.

Similarly, the March contract traded lower by Rs 103, or 0.18%, to Rs 57,626 per kg with a volume of business of 1,114 lots.

Analysts attributed fall in silver futures prices to a weak trend in global markets as optimism that the US economy is recovering and lawmakers will reach a budget deal dampened demand for the metal as a protection of wealth.

Meanwhile, in Singapore, silver prices dropped by 0.2% to $ 29.89 an ounce.