Weak global cues drag down silver futures by 0.96%

Tracking a weak global trend, silver prices moved down by 0.96 per cent to Rs 40,698 per kg in futures trading today as speculators trimmed their bets.
At the Multi Commodity Exchange, silver for delivery in far-month May dropped by Rs 395, or 0.96 per cent, to Rs 40,698 per kg in business turnover of 64 lots.
Likewise, the metal for delivery in March month contracts declined by Rs 348, or 0.86 per cent, to Rs 40,100 per kg in 2,790 lots.
Traders said the fall in silver prices was largely in line with a weak trend in precious metals at global market.

Globally, silver fell 0.85 per cent to USD 16.41 an ounce in Singapore.