BS: Silver remains weak, down 0.34% on overseas cues
Silver continued to slide unabated and prices fell by another 0.34 per cent to Rs 34,385 per kg in futures trade today as participants indulged in reducing positions in line with a weakening global trend.
At the Multi Commodity Exchange, silver for delivery in September month was down by Rs 119, or 0.34 per cent to Rs 34,385 per kg in a business turnover of 4515 lots.
Likewise, the white metal for delivery in December contracts traded lower by Rs 80, or 0.23 per cent to Rs 35,202 per kg in 70 lots.
Market analysts attributed persistent fall in silver prices at futures trade to a weak trend in global market after the US Fed indicated interest rate hike this year, boosting dollar and eroding demand for the precious metal as a safe haven.
Meanwhile, silver traded little changed at USD 14.98 an ounce in London.
