Silver futures shed 0.34% on weak Asian cues

Silver futures lost 0.34% to Rs 56,388 per kg today as speculators reduced their positions, tracking a weakening trend overseas as the rally of the US dollar eroded demand for precious metals.

At the Multi Commodity Exchange, silver for delivery in March fell by Rs 190, or 0.34%, to Rs 56,388 per kilogram, with a business turnover of 1,583 lots.

In a similar fashion, the metal for delivery in May lost Rs 190, or 0.33%, to Rs 57,602 per kg in 32 lots.

Analysts said offloading of positions by speculators in tandem with a weak trend in Asia, driven by the dollar's rally against the euro on account of the European debt crisis, mainly led to the decline in silver futures prices.

 

Meanwhile, silver fell by 0.03% to $30.83 an ounce in Singapore in early trade today.