Don’t miss the latest developments in business and finance.

Silver futures extend losses on overseas trend

Speculators trimmed their exposures amid a weak trend in bullion prices overseas and sluggish domestic demand

Image
Press Trust of India New Delhi
Last Updated : Jan 20 2013 | 6:29 AM IST

Silver futures fell by 0.61% today as speculators trimmed their exposures amid a weak trend in bullion prices overseas and sluggish domestic demand.

At the Multi Commodity Exchange, the March contract fell by Rs 397, or 0.61%, to Rs 64,719 per kg in a business turnover of 970 lots.

The December contract traded lower by Rs 352, or 0.56%, to Rs 62,700 per kg with a volume of business of 974 lots.

Analysts attributed weak trend in the precious metals in global markets after US lawmakers failed to agree on a budget, raising concern that commodity demand may decline.

Further, they said fall in local demand at prevailing higher levels also kept pressure on the metal.

Meanwhile, in Singapore silver prices fell from a seven-week high by dropping 0.30%, to $34,14 an ounce.

Also Read

First Published: Nov 30 2012 | 1:00 PM IST

Next Story