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This is an archive article published on April 16, 2012

Silver futures down on reduced offtake,global cues

Silver prices fell by Rs 220 to Rs 57,298 per kg in futures trade.

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Silver prices fell by Rs 220 to Rs 57,298 per kg in futures trade today due to reduced offtake by traders driven by sluggish demand in the spot market amid a weak trend in Asian region.

At the Multi Commodity Exchange,silver for delivery in July declined by Rs 220,or 0.38 per cent,to Rs 57,298 per kg in business turnover of 584 lots.

Likewise,the white metal for delivery in May contract lost Rs 199,or 0.36 per cent,to Rs 55,610 per kg in 7,198 lots.

Market analysts said besides reduced offtake by traders on the back of sluggish demand at prevailing higher levels,weak trend in Asian region kept pressure on silver prices at futures market here.

Meanwhile,silver in Singapore fell by 0.7 per cent to USD 31.31 an ounce.

 

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