Silver futures down by 0.6% on Asian cues

White metal for delivery in December fell by 0.61%

Amid a weak trend in the Asian region, silver prices fell by Rs 347, or 0.68%, to trade at Rs 50,450 per kg in futures trade today as speculators engaged in reducing exposures.

At the Multi Commodity Exchange, silver for delivery in far-month May contract traded Rs 347, or 0.68%, lower at Rs 50,450 per kg in business turnover of two lots.

In a similar fashion, the white metal for delivery in December fell by Rs 308, or 0.61% lower, at Rs 48,341 per kg in 707 lots.

Market analysts said the fall in silver prices at futures trade was mostly in tandem with subdued trend in the Asian region after an unexpected decline in US jobless claims boosted speculation that the Federal Reserve will taper stimulus, reducing demand for the precious metals.

Meanwhile, silver fell by 0.82% to $21.55 an ounce in Singapore.