Silver futures down on weak Asian cues

Silver futures prices fell by 1.67% to Rs 56,413 per kg today, as speculators offloaded positions due to a weakening trend in Asia.

At the Multi Commodity Exchange, December silver fell by Rs 960, or 1.67%, to Rs 56,413 per kg, with a business turnover of 86 lots.

The March contract lost Rs 960, or 1.63%, to Rs 56,900 per kg, with a trade volume of 82 lots.

Analysts said speculators reduced their positions on the back of a weak trend in Asian region after firming dollar reduced appeal for precious metals as an alternative, which led to the decline in silver futures prices.

Meanwhile, silver fell by 1.30% to $34.87 an ounce in Singapore.