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This is an archive article published on May 9, 2012

Silver futures down on weak global trend,subdued demand

Silver prices fell by 0.84 per cent to Rs 54,674 per kg in futures trade today.

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Amid a weak trend in overseas markets and subdued spot demand,silver prices fell by 0.84 per cent to Rs 54,674 per kg in futures trade today.

At the Multi Commodity Exchange,silver for delivery in July fell by Rs 451,or 0.84 per cent,to Rs 54,674 per kg in business turnover of 1,953 lots.

Similarly,the metal for delivery in September declined by Rs 454,or 0.80 per cent,to Rs 56,134 per kg in 132 lots. Analysts said besides weak trend in overseas markets strengthening dollar,reduced appeal for precious metals,subdued demand at domestic spot markets following an end of wedding season mainly led to a fall in silver prices at futures trade.

Meanwhile,silver lost 1.6 per cent to USD 28.96 an ounce in Singapore,the lowest level since January 10.

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