Silver down on weak global cues
Silver futures prices today fell by Rs 398 at Rs 53,693 per kg as speculators trimmed positions on weak global cues.
Further, a slackness in demand at the spot markets put pressure on the metal prices.
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At the MCX, silver for delivery in July was trading Rs 398, or 0.74%, lower at Rs 53,693 per kg, with a turnover of 1,176 lots.
The September contract dropped by Rs 396, or 0.71%, to Rs 55,099 per kg, with a business turnover of 59 lots.
Analysts said the fall in silver futures was mainly due to a weakening trend in overseas after the US Federal Reserve Chairman gave no hint on imminent stimulus, disappointing investors and dampening the appeal of precious metals as a hedge against monetary easing.
Subdued demand at domestic spot markets also weighed on prices, they said.
Meanwhile, silver fell 1.2% to $28.24 an ounce in Singapore today.