Silver futures down 0.26% on lower global trend

February 12, 2014

Mumbai-India (Feb 12)  Tracking a weak global trend and profit-booking, silver prices moved down by 0.26 per cent to Rs 44,582 per kg in futures trade today as speculators partially offloaded positions.

At the Multi Commodity Exchange, silver for delivery in March moved down by Rs 118, or 0.26 per cent to Rs 44,582 per kg in business turnover of 209 lots.
May silver declined by Rs 106, or 0.23 per cent, to Rs 45,451 per kg in 19 lots.
Market analysts said speculators trimmed positions in tandem with a weak global trend as recent advance damped physical demand and US Federal Reserve Chairman pledged to continue with a gradual tapering of stimulus, mainly weighed on the silver prices at futures trade.
Meanwhile, in Singapore, silver lost 0.20 per cent to USD 20.19 an ounce, snapping eight sessions of gains that was the longest rally since August.

(Source:  Business Standard India)

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