Silver futures dip 4% on weak global trend

NEW DELHI, Dec 1:  Amid a weak trend in the global markets and subdued demand at domestic spot markets, silver prices were sharply down by 4 per cent to Rs 33,146 per kg in futures trade today as speculators offloaded positions.
At the Multi Commodity Exchange, silver for delivery in December nosedived by Rs 1,381, or 4 per cent, to Rs 33,146 per kg in a business turnover of 212 lots.
Similarly, the white metal for delivery in March lost Rs 1,414, or 4 per cent to Rs 33,949 per kg in 821 lots.
Analysts said speculators trimmed positions in tandem with a weak global trend after Swiss voters rejected a plan for their central bank to accumulate bullion that mainly weighed on the silver prices at futures trade here.
Besides, strengthening dollar also eroded demand for the bullion as a safe-haven, they said.
Meanwhile, silver nosedived by 8.18 per cent to USD 14.87 an ounce, the lowest price since August 2009. (PTI)

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