Silver futures fall on reduced offtake, global cues

Agencies : New Delhi , Thu May 10 2012, 14:55 hrs

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Silver prices fell by Rs 449 to Rs 54,710 per kg in futures trading today due to reduced offtake by traders on the back of sluggish demand amid a weak trend overseas.

t the Multi Commodity Exchange, Silver for delivery in July fell by Rs 449, or 0.81 per cent, to Rs 54,710 per kg in business turnover of 7,644 lots.

Likewise, the white metal for delivery in September contract lost Rs 410, or 0.72 per cent, to Rs 56,163 per kg in 394 lots.

Market analysts said reduced offtake by traders due to sluggish demand amid a weak trend in global markets mainly kept pressure on silver prices at futures trade.

Meanwhile, silver shed 0.68 per cent to USD 29.27 an ounce in New York last night.

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