Silver futures down 0.5% on global cues

Tracking a weak global trend ahead of the US Federal Reserve releases minutes from its last meeting, silver prices drifted by 0.46% to trade at Rs 51,514 per kg in futures trade today as speculators engaged in reducing exposures.

 

At the Multi Commodity Exchange, silver for delivery in far-month December traded Rs 240, or 0.46% lower at Rs 51,514 per kg in business turnover of 309 lots.

 

In a similar fashion, the white metal for delivery in September traded Rs 171, or 0.34% lower, at Rs 50,288 per kg in 5,442 lots.

 

Market analysts said the fall in silver prices at futures trade was mostly attributed to a weak trend overseas with investors awaiting minutes from the US central bank's July policy meeting for clues on when it will begin scaling back its commodities-friendly stimulus steps.

 

Meanwhile, silver fell by 0.93% to $22.81 an ounce in Singapore today.