Silver down 0.5% in futures trade

Metal for delivery in July dropped by 0.4%

Tracking a weak trend overseas, silver prices fell by 0.53% to Rs 41,739 per kg in futures trade today as speculators engaged in offloading positions.

At the Multi Commodity Exchange, silver for delivery in May lost Rs 233, or 0.53%, to Rs 41,739 per kg, with a turnover of 2,417 lots.

Similarly, silver for delivery in July dropped by Rs 187, or 0.44%, to Rs 42,506 per kg, in a business turnover of 1,467 lots.

Analysts said a weak trend in global markets on speculation that the Federal Reserve will further reduce US monetary stimulus at a two-day policy meeting that concludes today, weighed on silver futures here.
 

Meanwhile, silver dropped 0.77% to USD 19.29 an ounce in Singapore.