Silver down 0.5% on global cues

MUMBAI-INDIA (Sept 13)  Continuing its slide, silver prices fell by 0.56% to trade at Rs 51,401 per kg in futures trade today as participants engaged in reducing their positions amid a weakening trend in the global markets.

At the Multi Commodity Exchange, silver for delivery in far-month March traded Rs 286, or 0.56%, lower at Rs 51,401 per kg in a business turnover of 19 lots.

In a similar fashion, silver for delivery in December fell by Rs 265, or 0.49%, to Rs 50,230 per kg in 1,248 lots.

Market analysts said offloading of positions by speculators following a weak trend overseas, before the US Federal Reserve meets to consider tapering its monthly asset purchases, put pressure on silver futures prices here.

Meanwhile, silver fell by 0.18% to 21.70 dollar an ounce in Singapore today.