Silver futures under pressure on Asian cues, shed 1.44%

Silver prices fell by 1.44% to Rs 52,938 per kg in early trade in the futures market today after speculators reduced their exposure, taking cues from a weak trend overseas.

At the Multi Commodity Exchange, March silver fell by Rs 776, or 1.44%, to Rs 52,938 per kg, with an open interest for 6,197 lots.

The May delivery lost Rs 779, or 1.42%, to Rs 54,110 per kg, with a trading volume of 265 lots.

In the Asia region, silver fell by 3.19% to $28.79 an ounce in early trade today.

Market analysts said ratings agency Fitch warning of a possible downgrade of France's sovereign debt kept investors on the edge about the situation in Europe, reducing the appeal for precious metals.