Silver futures decline on sluggish demand, global cues

NEW DELHI: Silver prices declined by 0.35 per cent to Rs 40,693 per kg in futures trade today due to sluggish demand in the spot market amid a weak global trend.

At the Multi Commodity Exchange, silver for delivery in July declined by Rs 141, or 0.35 per cent, to Rs 40,693 per kg in business turnover of 10,831 lots.

Likewise, the white metal for delivery in September traded lower by Rs 128, or 0.31 per cent to Rs 41,125 per kg in 1348 lots.

Analysts said besides sluggish demand in the spot market and weakening global trend mainly kept pressure on silver prices at futures trade.

Meanwhile, silver in Singapore fell 0.7 per cent to USD 19.56 an ounce after dropping 2.1 per cent yesterday.