Silver down 0.4% on weak global trend

Analysts said a weak trend in the precious metals overseas mainly pulled down silver prices

Tracking a weak global trend, silver futures prices today dropped 0.42% to Rs 41,097 per kg as speculators reduced positions.

At the Multi Commodity Exchange, silver prices for delivery in December drifted by Rs 173, or 0.42%, to Rs 41,097 per kg in business turnover of 395 lots.

Analysts said a weak trend in the precious metals overseas on speculation that US borrowing costs will rise sooner-than-expected strengthened the dollar, eroding demand for precious metals as alternative investments, mainly pulled down silver prices at futures trade here.

Meanwhile, silver lost 1.30% to $18.46 an ounce in Singapore today, the lowest since June 28, 2013.