Silver futures drop on subdued demand

Silver futures dropped by Rs 34 to Rs 63,164 per kg on Wednesday as participants reduced their bets on low demand.

On the Multi Commodity Exchange, silver contracts for March delivery tumbled by Rs 34, or 0.05 per cent, to Rs 63,164 per kg in a business turnover of 11,330 lots.

Globally, silver traded 0.87 per cent higher at USD 24.30 per ounce in New York.