Silver futures down 0.66 pc on global cues, weak spot demand

NEW DELHI: Tracking a weak trend in the precious metals overseas, silver prices fell 0.66 per cent to Rs 44,856 per kg in futures trade today as speculators reduced their exposures.

At the Multi Commodity Exchange, silver for delivery in March fell by Rs 298, or 0.66 per cent, to Rs 44,856 per kg in business turnover of 683 lots.

Similarly, the white metal for delivery in May declined by Rs 260, or 0.56 per cent, to Rs 45,830 per kg in business volume of 7 lots.

Market analysts said a subdued trend overseas as some investors lost faith in the precious metals as a safe haven investment amid a rally in US equities and an improving economy, which prompted the Federal Reserve to pare its USD 85 billion in monthly bond purchases, attributed fall in silver prices at futures trade here.

In the international market, silver fell 1 per cent to USD 19.88 an ounce in Singapore.