Silver futures down on weak global cues

At the Multi Commodity Exchange,silver for delivery in July fell by Rs 398 to at Rs 53,693 per kg.

Written by Agencies | New Delhi | Published: June 8, 2012 11:04 am

Silver futures prices fell by Rs 398 at Rs 53,693 per kg as speculators trimmed positions on weak global cues.

Further,a slackness in demand at the spot markets put pressure on the metal prices.

At the Multi Commodity Exchange,silver for delivery in July was trading Rs 398,or 0.74 per cent,lower at Rs 53,693 per kg,with a turnover of 1,176 lots.

Similarly,silver for delivery in September dropped by Rs 396,or 0.71 per cent,to Rs 55,099 per kg,with a business turnover of 59 lots.

Analysts said the fall in silver futures was mainly due to a weakening trend in overseas after the US Federal Reserve Chairman gave no hint on imminent stimulus,disappointing investors and dampening the appeal of precious metals as a hedge against monetary easing.

In addition,subdued demand at domestic spot markets also weighed down the prices,they said. Meanwhile,silver fell 1.2 per cent to USD 28.24 an ounce in Singapore.

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