Silver futures decline on weak global trend

Tracking a weak trend in overseas markets, silver prices declined by Rs 148 to Rs 61,015 per kg in futures trade today on reduced offtake by speculators.

At the Multi Commodity Exchange, silver for delivery in September declined by Rs 148, or 0.24%, to Rs 61,015 per kg, with a business turnover of 10,952 lots.

Similarly, the precious metal for December contract delivery shed Rs 69, or 0.11%, to Rs 62,865 per kg in 4,051 lots.

Market analysts said besides a weak trend in overseas markets, a fall in spot market demand at prevailing higher levels mainly led to the decline in silver futures prices.

Meanwhile, silver was down 0.6% to USD 40.62 dollar an ounce in the Asian region.