Silver futures soften on weak global cues

Silver futures softened by Rs 46 to Rs 58,351 per kg today, as speculators reduced their positions, tracking a weak trend in global markets.

At the Multi Commodity Exchange, the July silver declined by Rs 46, or 0.08%, to Rs 58,351 per kg in business turnover of 144 lots.

The May delivery moved down by Rs 41, or 0.07%, to Rs 56,810 per kg in 5,246 lots.

Market analysts said speculators reduced their positions, tracking a weak trend in overseas market mainly kept pressure on silver prices at futures trade.

Meanwhile, silver traded lower by 0.06% to $32.15 an ounce in Singapore.