Silver futures fall on weak global cues

Silver prices shed Rs 241 to Rs 58,811 per kg in futures trade today as speculators offloaded their positions in tandem with a weak trend in overseas markets.

At the Multi Commodity Exchange, May silver fell by Rs 241, or 0.41%, to Rs 58,811 per kg, with a business turnover of 6,512 lots.

The July delivery moved down by Rs 239, or 0.40%, to Rs 60,200 per kg, with a business turnover of 171 lots.

Market analysts said speculators offloaded their positions in tandem with a weak trend in global markets, which led to the fall in silver futures prices.

Meanwhile, silver in Singapore fell by 1.2% to $33.89 an ounce.