Silver futures down on global cues, sluggish spot demand

July, September contracts shed 0.2%

Silver futures prices shed Rs 124 to Rs 54,850 per kg today as speculators reduced positions amid a weak trend in Asian region and sluggish demand.

At the Multi Commodity Exchange, silver for delivery in September was trading Rs 124, or 0.23%, lower at Rs 54,850 per kg, with a business turnover of 254 lots.

July silver dropped by Rs 119, or 0.20%, to Rs 53,556 per kg, with a business turnover of 1,625 lots.

Analysts said a weak trend in global markets and subdued demand at domestic spot markets put pressure on the silver futures prices here.

Meanwhile, silver traded 0.54% lower at $27.39 an ounce in Singapore today.