Silver futures moves down by 1% on lower global trend

Silver for delivery in March lost 0.89%

Silver prices fell 1.07% to Rs 54,108 per kg in futures market today as speculators trimmed their positions, tracking a weak global trend.

At the Multi Commodity Exchange, silver for delivery in December moved down by Rs 587, or 1.07% to Rs 54,108 per kg in business turnover of 3349 lots.

Similarly, the silver for delivery in March lost Rs 495, or 0.89% to Rs 55,400 per kg in 18 lots.

Market analysts attributed the fall in silver futures to speculators trimming their positions in tandem with a weak global trend.

Meanwhile, silver declined by 1.09% to 23.21 dollar an ounce in New York last night.