Silver extends weakness in futures trade on overseas cues

NEW DELHI: Taking cues from weak global markets, silver prices moved down by about a per cent to Rs 34,071 per kg in futures trade at the Multi Commodity Exchange today as speculators engaged in trimming positions.

MCX opened for the evening session as it remained closed in the morning on account of 'Guru Nanank Jayanti'.

Silver for delivery in December was trading lower by Rs 341 or 0.99 per cent to Rs 34,071 per kg in business turnover of 1,143 lots.

Likewise, the metal for delivery in March contracts declined by Rs 292, or 0.83 per cent to Rs 34,779 per kg in 37 lots.

Market analysts attributed the fall in silver futures to a weak global trend where it dropped for the seventh straight day, the longest streak since April 2013.

It slipped by 0.20 per cent to $ 15.30 an ounce.