Silver futures down on overseas cues

Tracking a weak trend overseas, silver prices drifted down by 0.31 per cent to Rs 40,333 per kg in futures trade today as speculators cut down their bets.

At the Multi Commodity Exchange, silver for delivery in July fell by Rs 127, or 0.31 per cent to Rs 40,333 per kg in a business turnover of 641 lots.

Similarly, the white metal for delivery in September contracts shed Rs 80, or 0.19 per cent to Rs 41,011 per kg in 36 lots.

Analysts attributed the slide in silver to offloading of positions by participants in tandem with a subdued trend overseas.

Globally, silver fell 0.09 per cent to USD 16.66 an ounce in Singapore today.