Silver prices shed Rs 220 to Rs 57,298 per kg in futures trade today due to reduced offtake by traders, driven by sluggish demand in the spot market amid a weak trend in Asia.
At the Multi Commodity Exchange, silver for delivery in July declined by Rs 220, or 0.38%, to Rs 57,298 per kg in business turnover of 584 lots. Likewise, May silver lost Rs 199, or 0.36%, to Rs 55,610 per kg in 7,198 lots.
Market analysts said besides reduced offtake by traders on the back of sluggish demand at prevailing higher levels, weak trend in Asia kept pressure on silver prices at futures market here.
Meanwhile, silver in Singapore was down 0.7% to $31.31 an ounce.
