Silver futures slip 1.31 pc on global cues

Silver prices declined 1.31 per cent to Rs 37,985 per kg in futures trade in evening session today as speculators cut down their bets amid a weak trend overseas.
The exchange remained closed in morning session for 'Id-ul-Fitr' (Ramzan Eid).
At the Multi Commodity Exchange, silver for delivery in July month fell by Rs 503, or 1.31 per cent, to Rs 37,985 per kg in business turnover of 1,803 lots.
Likewise, the white metal for delivery in far-month September contracts traded lower by Rs 511, or 1.31 per cent, to Rs 38,441 per kg in 311 lots.
Analysts said the slide in silver prices was mostly due to offloading of positions by participants, driven by a weakening trend in global markets.

Meanwhile, silver was trading lower by 1.26 per cent at USD 16.47 an ounce in New York in early trade today.