Silver futures down Rs 452, hurt by global cues

Taking weak cues from overseas markets, silver prices tumbled by Rs 452 to Rs 39,860 per kg in futures trading today, as participants cut down their bets.
At the Multi Commodity Exchange, silver for delivery in December dropped by Rs 452, or 1.12 per cent, to Rs 39,860 per kg, in a business turnover of 693 lots.
Similarly, the white metal for delivery in far-month March was trading lower by Rs 362, or 0.89 per cent, to Rs 40,498 per kg in 66 lots.
Traders said, offloading of positions by participants in line with a weak global trend as strengthening dollar following speculation of a possible hike in Fed rates in near-term, diminishing appeal of the precious metals a safe haven, mainly led to the fall in silver prices at futures trade.

Globally, silver shed 0.34 per cent to USD 16.25 an ounce in Singapore.