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This is an archive article published on May 15, 2013

Silver prices drop on reduced offtake,global cues

Silver for delivery in July lost Rs 796,or 1.79 per cent to Rs 43,720 per kg in 32,342 lots.

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Silver prices dipped by 1.86 per cent to Rs 44,252 per kg in futures trade today due to reduced offtake by traders in the spot market on sluggish demand,weak global trend,

At the Multi Commodity Exchange,silver for delivery in September dropped Rs 839,or 1.86 per cent to Rs 44,252 per kg in business turnover of 1087 lots.

Similarly,the metal for delivery in July lost Rs 796,or 1.79 per cent to Rs 43,720 per kg in 32,342 lots.

Market analysts said reduced offtake by traders in the spot market on sluggish demand,weak global trend mainly kept pressure on silver prices at futures trade.

Meanwhile,silver dropped 2 per cent to USD 22.94 an ounce in London.

 

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