Silver futures down on sluggish spot demand, global cues

NEW DELHI: Silver prices declined by Rs 102 to Rs 54,474 per kg in futures trading today due to reduced offtake by traders amid a weak trend in overseas markets.

At the Multi Commodity Exchange, silver for delivery in July month declined by Rs 102, or 0.19 per cent to Rs 54,474 per kg in business turnover of 11,982 lots.

Likewise, the metal for delivery in September contract shed Rs 94, or 0.17 per cent, to Rs 55,837 per kg in 584 lots.

Market analysts said besides weak trend in overseas market, reduced offtake by traders at prevailing higher levels mainly kept pressure on silver prices at futures market.

Meanwhile, silver fell by 0.2 per cent to USD 28.68 an ounce in Sigapore.