Silver Futures Down over 1 Percent on Weak Global Cues

Silver prices nosedived by 1.78% to Rs 54,200 apiece kg in futures trading at the moment as speculators engaged in dipping their positions, taking cues from weak total markets.

At the Multi Commodity Exchange, silver in place of escape in December dished by Rs 980, or 1.78% to Rs 54,200 apiece kg, with a organization volume of single fate.

The metal in place of escape in September shed Rs 931, or 1.71% to Rs 53,480 apiece kg, with a trade volume of single fate.

Similarly, its prices in place of escape in July lost Rs 865, or 1.62% to Rs 52,851 apiece kg, with an release consequence of a single fate.

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

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