Silver futures decline 1.11 per cent on global cues

NEW DELHI: Silver prices moved down by 1.11 per cent to Rs 38,859 per kg in futures trade today as speculators trimmed positions amid weak cues from global markets.

At the Multi Commodity Exchange, silver for delivery in March next year traded lower by Rs 436, or 1.11 per cent, to Rs 38,859 per kg in a business turnover of one lot.

Similarly, the white metal for delivery in December declined by Rs 310, or 0.80 per cent, to Rs 38,206 per kg in a business volume of 798 lots.

In the international market, silver traded 0.47 per cent down at USD 16.89 an ounce in Singapore, the lowest since March 2010.

Market analysts said a weak trend in the Asian region as the outlook for higher US interest rates and a stronger dollar cut demand for precious metals as hedges against inflation led to the fall in silver prices at futures trade here.