Silver down 0.5% on overseas trend

MUMBAI-INDIA (Oct 15)   Tracking a weak trend overseas, silver prices fell by 0.56% to Rs 48,400 per kg in futures trade today as speculators offloaded positions.

At the Multi Commodity Exchange, silver for delivery in March next year lost Rs 275, or 0.56%, to Rs 48,400 per kg, with turnover of four lots.

Similarly, silver for delivery in December contracts fell by Rs 210, or 0.44%, to Rs 47,164 per kg, in a turnover of 778 lots.

Analysts said a weak trend in global markets amid speculation that US lawmakers will forge a deal to avoid breaching the nation's debt ceiling and end a two-week partial government shutdown, put pressure on silver futures here.

Meanwhile, silver dropped by 0.61% to trade at $21.14 an ounce in Singapore today.