Silver down by 0.7% on global cues

New Delhi-India (Dec 30)  Tracking a weak trend in the precious metals overseas, silver prices fell 0.66% to Rs 44,856 per kg in futures trade today as speculators reduced their exposures.

At the Multi Commodity Exchange, silver for delivery in March fell by Rs 298, or 0.66%, to Rs 44,856 per kg in business turnover of 683 lots.

Similarly, the white metal for delivery in May declined by Rs 260, or 0.56%, to Rs 45,830 per kg in business volume of 7 lots.

Market analysts said a subdued trend overseas as some investors lost faith in the precious metals as a safe haven investment amid a rally in US equities and an improving economy, which prompted the Federal Reserve to pare its $85 billion in monthly bond purchases, attributed fall in silver prices at futures trade here.

In the international market, silver fell 1% to $19.88 an ounce in Singapore.