Silver futures down 0.14% on overseas cues

Taking negative cues from the global market, silver prices drifted lower by 0.14 per cent to Rs 38,729 per kg in futures trade in futures trade today as speculators cut down their bets.

At the Multi Commodity Exchange, silver for delivery in far-month September fell by Rs 54, or 0.14 per cent to Rs 38,729 per kg in business turnover of 1,162 lots.

Likewise, the white metal for delivery in July contracts shed Rs 45, or 0.12 per cent to Rs 38,299 per kg in 673 lots.

Analysts said the slide in silver prices was mostly due to offloading of positions by participants, triggered by a weak trend in global markets.
 

Meanwhile, silver fell 0.21 per cent to USD 16.57 an ounce in Singapore.