Silver futures down 1.29 pc on weak global cues

Silver prices dropped by 1.29 per cent to Rs 39,445 per kg in futures trade today as speculators trimmed positions taking bearish cues from overseas markets.
At the Multi Commodity Exchange, silver for delivery in March fell by Rs 515, or 1.29 per cent, to Rs 39,445 per kg in a business turnover of 5,918 lots.
Similarly, the white metal for delivery in May moved down by Rs 473, or 1.17 per cent, to Rs 39,988 per kg in 187 lots.
Traders said offloading of positions by participants in tandem with a weak global trend, mainly led to a fall in silver prices at the futures trade.

Globally, silver fell 0.69 per cent to USD 17.26 an ounce in New York.