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Silver futures down 0.19% on global cues

PTI | Last Updated: Wednesday, May 28, 2014 - 12:41

New Delhi: Silver prices declined by 0.19 percent to Rs 40,290 per kg in futures trade on Wednesday as speculators reduced positions amid weak global cues.

At the Multi Commodity Exchange, silver for delivery in July fell by Rs 75, or 0.19 percent, to Rs 40,290 per kg in a business turnover of 3,018 lots.

Likewise, the white metal for delivery in September shed Rs 29, or 0.07 percent, to Rs 40,419 per kg in 119 lots.

Analysts said the reason for decline of silver in futures trade is offloading of positions by speculators in tandem with a weak global trend, as US economic data backed the case for the Federal Reserve to keep reducing monetary stimulus, while demand in China showed signs of waning.

Meanwhile, silver fell by 2.08 percent to USD 19.04 an ounce in New York last night.

First Published: Wednesday, May 28, 2014 - 12:41
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