Weak global cues drag down silver futures by 0.48%

Tracking a weak trend overseas, silver prices moved down by 0.48 per cent to Rs 38,991 per kg in futures market today as participants cut positions.

At the Multi Commodity Exchange, silver for delivery in May declined by Rs 190, or 0.48 per cent to Rs 38,991 per kg in business turnover of 391 lots.

Similarly, the white metal for delivery in July moved down by Rs 178, or 0.45 per cent to Rs 39,536 per kg in 22 lots.

Traders attributed the fall in silver prices in futures trade to offloading of positions by participants in tandem with a weak trend in precious metals in the global market.

 

Globally, silver declined 0.30 per cent to USD 16.60 an ounce in Singapore today.