Silver futures down by Rs 119 on global trends

Silver prices were down by Rs 119 to Rs 37,746 per kg in futures trade today as speculators reduced exposures amid a weak trend in the global markets.

At the Multi Commodity Exchange, silver prices for delivery in July traded lower by Rs 119, or 0.31 per cent, to Rs 37,746 per kg in business turnover of 591 lots.

Similarly, the white metal prices for delivery in far-month September declined by Rs 103, or 0.27 per cent, to Rs 38,250 per kg in business volume of five lots.

In the international market, silver prices traded 0.2 per cent lower at USD 16.30 an ounce in Singapore.

Market-men said off-loading of positions by participants amid a weak trend in global markets after data on US jobless claims showed an improving labour market ahead of the release of non-farm payroll figures for April, boosting speculation that interest rates will rise this year, put pressure on silver prices at futures trade here.

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Posted in: Indian Market Tips