Silver weakens in futures trade on global cues

September contract sheds 0.33%, December loses 0.16% as stronger dollar sees reduced interest in the metal

Silver prices fell Rs 176 to Rs 52,591 per kg in futures trade today as speculators reduced positions, tracking a weak trend overseas.

At the Multi Commodity Exchange, silver for delivery in September traded Rs 176, or 0.33%, to Rs 52,591 per kg, with a business turnover of 1,516 lots.

December silver lost Rs 173, or 0.16%, to Rs 54,288 per kg, with a business turnover of 143 lots.

Market analysts attributed the fall in silver futures to a weakening trend in global markets as a stronger dollar, reduced demand for the precious metals as an alternative investment.

Meanwhile, silver traded 0.40% lower at $27.33 in early trade today  in Singapore.