Silver futures down on reduced offtake

Tracking a weak trend in Asian region, silver prices declined by Rs 536 to Rs 64,623 per kg in futures trading today on reduced offtake by traders at existing higher levels.

At the Multi Commodity Exchange, December silver declined by Rs 536, or 0.82%, to Rs 64,623 per kg in business turnover of 17,204 lots.

The March contract lost Rs 484, or 0.73%, to Rs 66,065 per kg in 406 lots.

Market analysts said weakening trend in Asian region and reduced offtake by traders in the spot at existing higher levels mainly pulled down silver futures price.

Meanwhile, silver slid 1.1% to 41.02 dollar an ounce in Asian region.