Silver futures dip below Rs 37,000/kg mark on global cues

Taking weak cues from overseas markets, silver prices slipped below Rs 37,000 per kg mark in futures trade today as participants cut down bets.

At the Multi Commodity Exchange, silver for delivery in March fell by Rs 62, or 0.17 per cent, to Rs 36,974 per kg in a business turnover of 1,661 lots.

Similarly, the white metal for delivery in May edged down by Rs 66, or 0.18 per cent, to Rs 37,480 per kg in 17 lots.

Analysts said offloading of positions by participants in line with a weak global trend as investors anticipate higher US interest rates, and progress on tax reform buoys the dollar, diminishing safe-haven appeal of the precious metals, mainly led to the fall in silver prices at futures trade.
 

Globally, silver shed 1.41 per cent to USD 15.70 an ounce in New York yesterday.