Silver futures down on weak global trend, subdued demand

A weak trend in overseas markets and subdued spot demand have been attributed for the fall in silver prices at futures trade

Amid a weak trend in overseas markets and subdued spot demand, silver prices fell by 0.84% to Rs 54,674 per kg in futures trade today.

At the MCX, the July contract fell by Rs 451, or 0.84%, to Rs 54,674 per kg in business turnover of 1,953 lots.

The September contract declined by Rs 454, or 0.80%, to Rs 56,134 per kg in 132 lots.

Analysts said besides a weak trend in overseas markets strengthening the dollar, reduced appeal for precious metals, subdued demand at domestic spot markets following an end of wedding season mainly led to a fall in silver prices at futures trade.

 

Meanwhile, silver lost 1.6% to $28.96 an ounce in Singapore, the lowest level since January 10.