Silver price down 0.22 pct on overseas trend

Amid weak trend overseas and profit-booking, silver futures prices fell by 0.22 per cent to Rs 0,552 per kg today as speculators trimmed their exposures.

At the Multi Commodity Exchange, silver for delivery in March fell by Rs 135, or 0.22 per cent, to Rs 60,552 per kg in a business turnover of 3,214 lots.

Similarly, the metal for delivery in May traded lower by Rs 136, or 0.22 per cent, to Rs 61,941 per kg with a volume of business of 178 lots.

Analysts attributed fall in silver futures prices to a weak trend in global markets as signs that US lawmakers may be closer to a budget deal boosted equities and reduced demand for the precious metals as an alternative asset.

Globally, in New York, silver prices fell by 1.9 per cent, to USD 31.66 an ounce after touching USD 31.40 in yesterday's trade, the lowest since November 7.

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