Silver futures down on reduced offtake

Silver futures prices moved down by Rs 352 to Rs 52,785 per kg today, due to reduced offtake by traders on the back of a weakening global trend.

At the Multi Commodity Exchange, March silver fell by Rs 352, or 0.66%, to Rs 52,785 per kg, with a business turnover of 4,479 lots.

The May contract declined by Rs 328, or 0.60%, to Rs 54,000 per kg in 157 lots.

Market analysts said reduced offtake by traders amid a weakening global trend mainly led to the fall in silver prices at futures trade.

Meanwhile, silver fell 1.2% to a one-week low of $28.76 an ounce in Singapore.