Silver futures below Rs 34,000 on lower global cues

Silver prices fell below Rs 34,000 level by slumping Rs 599 to Rs 33,601 per kg in futures trade in line with a weak trend overseas where the metal dropped to seven-month low.
At the Multi Commodity Exchange, silver for delivery in September dived by Rs 599, or 1.75 per cent to Rs 33,601 per kg in a business turnover of 927 lots.
Also, the metal for delivery in far-month December tumbled Rs 579 or 1.66 per cent to Rs 34,388 per kg in 31 lots.
Analysts said offlaoding of positions by speculators largely in tandem with a weak global trend where precious metals were routed after dollar sterngthened to three-month high against the euro amid prospects for higher US rates, reducing appeal of the precious metals as a safe haven, weighed on silver futures here.

Meanwhile, silver sank 2.3 per cent to USD 14.54 an ounce in Singapore today, the lowest level since December last year.