Silver futures down 0.3% on global cues
Market analysts said trimming of positions by speculators taking weak cues from the global market on speculation that the Federal Reserve will start to reduce bond purchases by the end of the year as the US economy improves, mainly weighed on silver prices at futures here. Meanwhile, silver fell by 0.80% to 19.37 dollar an ounce in Singapore today. Silver prices fell by 0.31% to trade at Rs 42,213 per kg in futures trade today as speculators offloaded their positions, driven by a weakening trend in the global markets.
At the Multi Commodity Exchange, Silver for delivery in far-month December dipped by Rs 133, or 0.31%, to Rs 42,213 per kg in business turnover of six lots. In a similar fashion, the white metal for delivery in September contracts traded Rs 116, or 0.28% lower at Rs 41,417 per kg in 355 lots.