Weak global cues drag down silver futures by 0.97%

Tracking a weak global trend, silver prices dropped by 0.97 per cent to Rs 40,938 per kg in futures market today as speculators trimmed their belts.

At the Multi Commodity Exchange, silver for delivery in far-month March dropped by Rs 401, or 0.97 per cent to Rs 40,938 per kg in business turnover of 5,069 lots.

Similarly, the metal for delivery in December contracts was trading lower by Rs 277, or 0.69 per cent to Rs 40,050 per kg in 72 lots.

Traders said the fall in silver prices was largely in line with a weak trend in precious metals at global market as the dollar strengthened following Italy's vote against constitutional reform that prompted the country's prime minister to resign.
 

Globally, silver fell 1 per cent to USD 16.57 an ounce in London.