Silver futures fall Rs 269 per kg on weak global cues

Amid a weak trend in global market, silver prices dropped by Rs 269 to Rs 41,034 per kg in futures trade today as speculators lightened bets.
At the Multi Commodity Exchange, silver for delivery in July traded lower by Rs 269, or 0.65 per cent, at Rs 41,034 per kg, in a business turnover of six lots.
Also, the white metal for May delivery was trading Rs 264 down, or 0.65 per cent lower at Rs 40,570 per kg, in a business volume of 583 lots.
In the international market, silver traded 0.49 per cent lower at USD 16.86 an ounce in Singapore.

Market analysts said, reports of a weak trend in the metal in overseas markets on the growing buzz that the US interest rate is set to go, eroding demand for the precious metals as an alternative asset, led to the fall in silver prices at futures trade here.