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Silver futures prices fell 1.15 per cent to Rs 55,205 per kg today, after traders reduced their position amid a weak trend in global markets.
At the Multi Commodity market, silver for December contract fell sharply by Rs 641 or 1.15 per cent to Rs 55,205 per kg with a business turnover of 2,506 lots. Likewise, the white metal for March contract lost Rs 632 or 1.1 per cent to Rs 56,906 per kg with a business volume of 259 lots.
Market analysts attributed the steep fall in silver futures prices to a subdued trend in overseas market, as the dollar’s strength against the euro on worries over the euro zone on debt crisis, tempered the demand for precious metals as alternative investment.
Meanwhile, silver in the Asian region fell 0.09 per cent to $31.73 an ounce in the morning trade today.
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