Silver futures slide 1% on weak global trend

MUMBAI-INDIA (july 5) Tracking a weak global trend, silver futures prices today fell by Rs 404, or 1%, to Rs 40,080 per kg, as speculators trimmed positions.

At the Multi Commodity Exchange, silver prices for delivery in July plunged by Rs 404, or 1%, to Rs 40,080 per kg in business turnover of 11 lots.

Similarly, silver prices for delivery in September lost Rs 386, or 0.94%, at Rs 40,585 per kg in 1,668 lots.

Market analysts said a weak trend in the precious metals overseas ahead of US jobs data that may add to signs an improving economy, fuelling speculation that the Federal Reserve will scale back monetary stimulus, mainly pulled down silver prices at futures trade.

Meanwhile, silver sank one% to $19.36 an ounce in Singapore today.