Silver futures down over 1 per cent on weak global cues

Silver prices nosedived by 1.78 per cent to Rs. 54,200 per kg in futures trading today as speculators engaged in reducing their positions, taking cues from weak global markets.

At the Multi Commodity Exchange, silver for delivery in December dipped by Rs. 980, or 1.78 per cent to Rs. 54,200 per kg, with a business volume of one lot.

The metal for delivery in September shed Rs. 931, or 1.71 per cent to Rs. 53,480 per kg, with a trade volume of one lot.

Similarly, its prices for delivery in July lost Rs. 865, or 1.62 per cent to Rs. 52,851 per kg, with an open interest of a single lot.

Analysts said the fall in silver futures was due to a weak trend in Asian region as a stronger dollar eroded the appeal of precious metals as an alternate investment.

Meanwhile, silver plunged by 2.35 per cent to $ 34.47 an ounce in Asian region.