Silver price down 0.4% on global cues

Mumbai-India (Jun 16)  Silver prices fell by Rs 155 to Rs 36,937 per kg in futures trade today, largely in tune with a weak trend overseas.

 At the Multi Commodity Exchange, silver for delivery in July was trading low by Rs 155, or 0.42 per cent at Rs 36,937 per kg in a business turnover of 2,081 lots.

 Similarly, the white metal for delivery in September declined by Rs 148, or 0.39 per cent, to Rs 37,440 per kg in a business volume of 73 lots.

 In the international market, silver lost 0.3 per cent at USD 16.04 an ounce in London.

 Analysts said, offloading of positions by participants, tracking a weak trend in precious metals overseas pulled down the metal's prices.

 Two key developments overseas--a policy update from the US Federal Reserve and a gathering of eurozone finance ministers to discuss Greece's intensifying debt crisis-- led to the fall in silver prices at futures trade here.

Source: BusinessStandard