Silver futures down by 2.3% on global cues

MUMBAI-INDIA (Sept 16)  Amid a weak trend in the Asian region and appreciating rupee, silver prices nosedived by Rs 1,205, or 2.38% to trade at Rs 49,471 per kg in futures trade today as speculators engaged in reducing exposures.

At the Multi Commodity Exchange, silver for delivery in December traded Rs 1,205, or 2.38% lower at Rs 49,471 per kg in business turnover of 2,742 lots.

In a similar fashion, the white metal for delivery in March fell by Rs 1,154, or 2.23% lower, at Rs 50,593 per kg in 33 lots.

Market analysts said the fall in silver prices at futures trade was mostly attributed to a weak trend in the Asian region amid speculation the US Federal Reserve will start to pare stimulus as the economy improves, reducing demand for the precious metal.

Meanwhile, silver fell by 1.93% to $21.84 an ounce in Singapore.