Silver futures drop Rs 202 per kg on weak global cues

Silver prices slumped Rs 202 to Rs 47,470 per kg in futures trade today as speculators cut their holdings amid a weakening trend overseas.

Silver for delivery in far-month March next year was trading sharply lower by Rs 202 or 0.42 per cent at Rs 47,470 per kg in a business turnover of 9 lots in futures trading at Multi Commodity Exchange (MCX).

On similar lines, the white metal for delivery in December was trading Rs 193, or 0.41 per cent down at Rs 46,624 per kg with a business turnover of 1,125 lots.

In the international market, silver traded 0.84 per cent lower at USD 19.51 an ounce in Singapore today.
 

Market analysts said a weak trend in precious metals in global market as the dollar erased losses, dimming the precious metals' appeal as an alternative investment, led to drop in silver prices at futures trade here.