Silver price futures down 0.63 pc on global cues

December 3, 2013

Mumbai-India (Dec 3)  ilver prices fell sharply by 0.63 per cent to Rs 44,190 per kg in futures trade today as speculators engaged in reducing positions, taking weak cues from the global markets.

At the Multi Commodity Exchange, silver for delivery in March next year fell by Rs 282, or 0.63 per cent, to Rs 44,190 per kg in business turnover of 405 lots.

Similarly, the white metal for delivery in current month declined by Rs 220, or 0.51 per cent, to Rs 42,792 per kg in business volume of 77 lots.

Globally, silver tumbled 3.7 per cent to USD 19.28 an ounce in New York in the previous session, the biggest drop since October 31.

Market analysts said a subdued trend in precious metals in the global markets as signs of a strengthening US economy fuelled speculation that the Federal Reserve is ready to slow the pace of its monetary stimulus, led to fall in silver prices at futures trade here. 

Silver Phoenix Twitter                 Silver Phoenix on Facebook