Silver futures down on global cues,fall in demand

Silver prices fell by 0.76 to Rs 54,155 per kg in futures trade today as speculators trimmed their positions amid a weak trend in global markets.

Written by Agencies | New Delhi | Published: May 11, 2012 4:21:00 pm

Silver prices fell by 0.76 to Rs 54,155 per kg in futures trade today as speculators trimmed their positions amid a weak trend in global markets.

Also,a weakening trend at the spot markets due to subdued demand on wedding season coming to an end.

At the Multi Commodity Exchange,silver for delivery in July was trading Rs 413,or 0.76 per cent,lower at Rs 54,155 per kg,with a turnover of 6,561 lots.

Similarly,silver for delivery in September dropped by Rs 415,or 0.74 per cent,to Rs 55,594 per kg,with a business turnover of 274 lots.

Analysts said a weak trend in global markets on Europe’s debt crisis and strengthening the dollar,which reduced appeal of precious metals,mainly put pressure on the silver futures prices here.

In addition,subdued demand at domestic spot markets also weighed on the prices,they said.

Meanwhile,silver fell by 0.8 per cent to USD 28.82 an ounce in Singapore today.

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