Silver futures slide 0.89% on global cues

Silver prices declined 0.89 per cent to Rs 38,949 per kg in futures market today as speculators trimmed bets in line with weak trend overseas.

At the Multi Commodity Exchange, silver for delivery in March fell Rs 351, or 0.89 per cent, to Rs 38,949 per kg in a business turnover of 1,426 lots.

Similarly, the metal for delivery in May was trading Rs 334, or 0.84 per cent, lower at Rs 39,436 per kg in 16 lots.

Traders said offloading of positions by participants in tandem with a weak trend overseas, mainly influenced silver prices at futures trade.

Globally, silver fell 0.61 per cent to USD 17 an ounce in Singapore.