Silver futures prices extend weakness,down 0.68%

Continuing a downward journey slide,silver prices fell by 0.68 per cent to Rs 42,969 per kg.

Written by Press Trust Of India | New Delhi | Published: May 17, 2013 1:51 pm

Continuing a downward journey slide,silver prices fell by 0.68 per cent to Rs 42,969 per kg in futures trade today as speculators engaged in off-loading positions,tracking a weak global trend.

Besides,a weakening trend at the spot markets due to subdued demand put pressure on the metal prices.

At the Multi Commodity Exchange,silver for delivery in July lost Rs 273,or 0.68 per cent,to Rs 42,969 per kg,with a turnover of 1,790 lots.

Similarly,silver for delivery in far-month September dropped by Rs 288,or 0.66 per cent,to Rs 43,500 per kg,in a business turnover of 72 lots.

Analysts said a weak trend in global markets as investors reduced holding and strengthening dollar reduced demand for safe haven investments,influenced silver futures here.

Meanwhile,in Singapore,silver dropped 0.50 per cent to USD 22.58 an ounce. PTI SUN RS DP RAH 05171117

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