Silver futures down, subdued spot demand

Amid weak trend overseas and subdued domestic demand, silver futures prices remained under pressure and fell by 0.89% to Rs 58,775 per kg today.

At the Multi Commodity Exchange, silver for delivery in September traded Rs 428, or 0.89%, lower at Rs 58,775 per kg, with a turnover of 2,995 lots.

Similarly, silver for delivery in December dropped by Rs 503, or 0.83%, to Rs 60,100 per kg, with a business turnover of 133 lots.

Analysts said besides slackened domestic demand at prevailing levels, weak trend overseas, where gold declined from its record level after CME group raised margins on futures contracts, also put some pressure on the white metal's prices at futures trade today.

Meanwhile, silver fell by 1.1% to $38.83 an ounce in Hong Kong in early trade today.