Silver tumbles Rs 177 on weak global cues

Silver prices dropped by Rs 177 to Rs 48,207 per kg in futures trade Tuesday as speculators engaged in reducing their positions, tracking a weak trend in global markets.

In futures trading, silver for delivery in December was trading lower by Rs 177 or 0.37% at Rs 48,207 per kg in a business turnover of 11 lots at the Multi Commodity Exchange.

The metal for delivery in September too fell by Rs 499 or 0.31% to Rs 47,021 per kg in a business volume of 770 lots.

In the international market, silver fell 0.80% to $19.85 an ounce in Singapore.

Analysts attributed the fall in silver in futures trade to a weak trend in global markets as risk appetite returns to financial markets, pushing US stocks to a record on optimism about the economy's strength and eroded demand for haven assets.