Tracking a weak global trend ahead of the release of US Federal Reserve minutes from its last meeting, silver prices drifted 0.46 per cent to Rs 51,514 per kg at the futures trade today as speculators engaged in reducing their exposures.
On the Multi Commodity Exchange, silver for delivery in far-month December traded lower by Rs 240 or 0.46 per cent at Rs 51,514 per kg in a business turnover of 309 lots.
In a similar fashion, the white metal for delivery in September traded lower by Rs 171 or 0.34 per cent at Rs 50,288 per kg in 5,442 lots.
Market analysts said the fall in silver futures was mostly attributed to a weak trend overseas with investors awaiting minutes from the US central bank’s July policy meeting for clues on when it will begin scaling back its commodities-friendly stimulus steps.
Meanwhile, silver fell 0.93 per cent to $22.81 an ounce in Singapore today.