Silver futures down 1% on lower global trend

NEW YORK (Aug 29)  Tracking a weak global trend, silver futures prices moved down by 1.05% to Rs 55,189 per kg today as speculators offloaded their positions.

At the Multi Commodity Exchange, silver for delivery in September moved down by Rs 587, or 1.05%, to Rs 55,189 per kg in business turnover of 13693 lots.

Likewise, silver for delivery in December lost Rs 320, or 0.56% to Rs 57053 per kg in 2999 lots.

Market analysts said speculators offloaded their positions in tandem with a weak global trend mainly pulled down silver prices at futures trade.

Meanwhile, silver slumped 1.4% to $24 an ounce in London.