Silver futures down by 0.8% on weak global cues

Speculators cut down their bets amid a weakening trend overseas

Amid a weakening trend overseas, silver prices fell Rs 297 to Rs 37,130 per kg in futures trade today as speculators cut down their bets.

Silver for delivery in May was trading lower by Rs 297, or 0.79 %, to Rs 37,130 per kg in a business turnover of 650 lots in futures trading at the Multi Commodity Exchange (MCX).

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On similar lines, the white metal for delivery in far-month July was down by Rs 262, or 0.69 %, at Rs 37,613 per kg with a business turnover of 11 lots.

In the international market, silver traded 0.62 % lower at $15.23 an ounce in Singapore.

Market analysts said, a weak trend in precious metals in global markets as the dollar gained ahead of a key European Central Bank meeting this week eroding demand for the precious metal, kept pressure on silver futures here.