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This is an archive article published on May 23, 2012

Silver futures prices drop by 1.10

Silver futures prices on Wednesday dropped by Rs 597 to Rs 53,795 per kg

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Silver futures prices on Wednesday dropped by Rs 597 to Rs 53,795 per kg on slackened spot demand amid a weak trend in overseas markets.

At the Multi Commodity Exchange,silver for delivery in July dropped by Rs 597,or 1.10 per cent,to Rs 53,795 per kg in business turnover of 9,863 lots.

Similarly,the metal for delivery in September moved down by Rs 583,or 1.05 per cent,to Rs 55,183 per kg in 493 lots.

Analysts said sluggish demand in the spot market and weak trend in overseas markets mainly kept pressure on silver prices at futures trade.

Meanwhile,silver lost 1.7 per cent to USD 27.71 an ounce in Singapore.

 

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