ET: Silver futures down 1.34 pc on global cues, subdued demand
NEW DELHI: Silver prices fell sharply by 1.34 per cent to Rs 56,076 per kg in futures trading today as speculators reduced their positions, largely in tandem with a weakening trend in precious metals overseas.
At the Multi Commodity Exchange , silver for delivery in July declined by Rs 762, or 1.34 per cent to Rs 56,072 per kg, with a business turnover of 4,846 lots.
In a similar fashion, the white metal for delivery in September shed Rs 755, or 1.31 per cent to Rs 56,825 per kg in 229 lots.
Analysts attributed the fall in silver futures prices to a weakening trend in global markets on speculations that Greece's debt crisis is closer to being resolved, curbing the demand for the metal as a protection of wealth.
Besides, subdued demand at prevailing high levels at the domestic spot markets also influenced the prices, they said.
Meanwhile, silver prices fell 4.29 per cent to USD 3,682 per ounce in the previous session in New York.
