Silver futures down 0.21 pc on global trend

Silver futures prices today moved down by 0.21 per cent to Rs 59,488 per kg in line with a weakening trend overseas.

At the Multi Commodity Exchange, silver for delivery in December fell by Rs 126, or 0.21 per cent, to Rs 59,488 per kg, with a business turnover of 1,735 lots.

Similarly, the metal for delivery in March lost Rs 116, or 0.19 per cent, to Rs 61,302 per kg, with a business turnover of 62 lots.

Marketmen attributed the fall in silver futures to a weak trend overseas before the policy-setting Federal Open Market Committee meets from today amid signs that the US economy is improving, hurting demand for bullion as an alternative investment.

Meanwhile, silver dropped 0.5 per cent to USD 32.26 an ounce in Singapore.