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This is an archive article published on February 14, 2012

Silver futures down on weak global cues

Market analysts attributed strengthening the dollar and curbing demand for alternative investments.

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Silver futures prices fell by Rs 181 to Rs 56,483 per kg today,after speculators indulged in reducing their positions amid a weak trend in global markets.

At the Multi Commodity Exchange,silver for delivery in March fell by Rs 181,or 0.32 per cent,to Rs 56,483 per kg,with a business turnover of 1,494 lots.

The white metal for delivery in May also lost Rs 180,or 0.31 per cent,to Rs 57,945 per kg,with a business volume of 70 lots.

Market analysts attributed the fall in silver futures prices to subdued trend in overseas markets as rating agency Moody8217;s downgraded the ratings of six European nations,strengthening the dollar and curbing demand for alternative investments.

Silver in Singapore fell 0.8 per cent to USD 33.46 anounce in early trade today.

 

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