Silver down 0.6% on global cues, weak spot demand

January 30, 2014

Mumbai-India (Jan 30)  Silver prices fell by 0.60% to Rs 43,902 per kg in futures trade today, taking weak cues from the global market amid subdued domestic demand.

At the Multi Commodity Exchange, silver for delivery in March fell by Rs 277, or 0.60%, to Rs 43,902 per kg in business turnover of 2,524 lots.

In a similar fashion, the white metal for delivery in May declined by Rs 156, or 0.57%, to Rs 44,846 per kg in business volume of 78 lots.

Market analysts said besides weak demand at domestic spot markets, a subdued trend in the global markets amid expectations that stimulus will be cut further as the US Federal Reserve decides on monetary policy, attributed fall in silver prices at futures trade here.

In the international market, silver fell 0.10% to USD 19.56 an ounce in Singapore, dropping for the fourth day in the longest losing streak since November.

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