Silver falls 1.35% in futures trade on overseas cues

NEW DELHI, Nov 7:  Silver prices moved down by 1.35 per cent to Rs 33,810 per kg in futures market today as speculators engaged in trimming positions amid a weak trend overseas.
At the Multi Commodity Exchange, silver for delivery in December declined by Rs 461, or 1.35 per cent, to Rs 33,810 per kg in a business turnover of 3,657 lots.
In a similar fashion, the metal for delivery in March traded lower by Rs 466, or 1.33 per cent, to Rs 34,500 per kg in 143 lots.
Market analysts said offloading of positions by speculators on the back of weak global trend amidst surging dollar eroded demand for the precious metal, which kept pressure on silver prices at futures trade.
Globally, silver traded lower at USD 15.34 an ounce in Singapore from USD 15.41 yesterday.
Meanwhile, the metal fell five per cent this week and dropped to USD 15.15 on November 5, the lowest since February 2010. (PTI)


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