ET:Silver futures down over 1% on weak global cues
Taking weak cues from global markets as a stronger dollar reduced appeal for precious metals, silver prices fell by over one per cent to Rs 53,783 per kg at futures trade today.
On the Multi Commodity market, silver for delivery in March fell by Rs 449, or 1.01 per cent, to Rs 53,783 per kg, with a business turnover of 2,244 lots.
The white metal for May contract lost Rs 537, or 0.97 per cent, to Rs 54,998 per kg, with a business volume of 88 lots.
Market analysts attributed the fall in silver futures prices to a weakening trend in overseas markets, as the strengthening dollar against the euro on renewed worries in the euro-zone on debt crisis, curbed demand for precious metals as an alternative investment.
Meanwhile, silver in Singapore fell 0.45 per cent to $28.83 an ounce in early trade today.
