Silver futures prices extend losses, down 0.61 pc on overseas trend

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SummarySilver futures fell by 0.61 per cent today as speculators trimmed their exposures amid a weak trend in bullion prices overseas and sluggish domestic demand

Silver futures fell by 0.61 per cent today as speculators trimmed their exposures amid a weak trend in bullion prices overseas and sluggish domestic demand

At the Multi Commodity Exchange, silver for delivery in March fell by Rs 397, or 0.61 per cent, to Rs 64,719 per kg in a business turnover of 970 lots.

Similarly, the metal for delivery in December traded lower by Rs 352, or 0.56 per cent, to Rs 62,700 per kg with a volume of business of 974 lots.

Analysts attributed weak trend in the precious metals in global markets after US lawmakers failed to agree on a budget, raising concern that commodity demand may decline.

Further, they said fall in local demand at prevailing higher levels also kept pressure on the metal.

Meanwhile, in Singapore silver prices fell from a seven-week high by dropping 0.30 per cent, to USD 34,14 an ounce.

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