Silver futures down 0.93% on global trend

September 24, 2013

NEW DELHI-INDIA (Sept 24)  Silver prices fell by 0.93% to trade at Rs 50,004 per kg in futures trade today as participants engaged in reducing their positions amid a weakening trend in the global markets.

At the Multi Commodity Exchange, silver for delivery in far-month March down Rs 471, or 0.93%, to Rs 50,004 per kg in a business turnover of 22 lots.

In a similar fashion, silver for delivery in December traded lower by Rs 384, or 0.78%, at Rs 49,009 per kg in 3,133 lots.

Market analysts said offloading of positions by speculators following a weak trend overseas after a Federal Reserve official said policy makers may start reducing US fiscal stimulus as early as next month, weighed on silver futures prices here.

Meanwhile, silver fell by 0.25% to 21.59 dollar an ounce in Singapore today.

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