Silver futures price down 0.63% on reduced offtake

Silver prices moved down by 0.63 per cent to Rs 65,074 per kg in futures trade.

Written by Agencies | Published: September 18, 2012 2:21 pm

Silver prices moved down by 0.63 per cent to Rs 65,074 per kg in futures trade today on reduced offtake by traders following fall in demand at existing higher levels.

A weakening trend in overseas markets also advised speculators to reduce their positions.

At the Multi Commodity Exchange,silver for delivery in March fell by Rs 414,or 0.63 per cent,to Rs 65,074 per kg,with a business turnover of 561 lots.

Similarly,the metal for delivery in December lost Rs 381,or 0.60 per cent,to Rs 63,380 per kg,with a business turnover of 12,384 lots.

Marketmen attributed the fall in silver futures to reduced offtake by traders on the back of fall in demand at prevailing higher levels amid a weak global trend.

Meanwhile,silver dropped 0.6 per cent to USD 34 an ounce in Singapore.

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