Silver futures slip below Rs 43,000 level on weak global cues

 

Silver futures prices fell by 0.75% to slip below Rs 43,000 per kg level today as speculators engaged in trimming positions, tracking a weak trend overseas.

At the Multi Commodity Exchange, the July contract traded Rs 375, or 0.75%, lower at Rs 42,939 per kg in business turnover of 3,623 lots.

The September contract declined by Rs 245, or 0.56%, to Rs 43,588 per kg in business volume of 149 lots.

In the international market, silver traded 3.50% lower at $22.59 an ounce in New York yesterday.

Market analysts said a subdued trend in precious metals in the global markets on sings that investment demand is waning as US equities surged to records and dollar strengthening, led to fall in silver prices at futures trade here.