Silver futures down on weak global cues

NEW DELHI: Silver prices moved down by 0.22 per cent to Rs 59,825 per kg in futures trade today after speculators trimmed positions amid negative cues from the global markets.

At the Multi Commodity Exchange, silver for delivery in December moved down by Rs 134, or 0.22 per cent, to Rs 59,825 per kg, with a business turnover of 1,953 lots.

Likewise, the white metal for delivery in March declined by Rs 127, or 0.21 per cent, to Rs 61,573 per kg in 91 lots.

Marketmen said speculators offloaded positions in line with a weak global trend on concern that the economy is slowing and China may refrain from additional economic stimulus, reducing appeal for the precious metals that kept pressure on silver prices at futures trade here.

Besides, a weak trend at the domestic spot markets owing to fall in demand at prevailing levels too had its shadow on the prices, they said.

Silver traded 2.8 per cent lower at USD 32.74 an ounce in New York in yesterday's trade.