Silver prices traded lower by 0.17 per cent at Rs 38,646 per kg at the futures trade today as participants reduced their bets taking weak cues from overseas markets.
At the Multi Commodity Exchange, silver for delivery in May declined by Rs 67 or 0.17 per cent to Rs 38,646 per kg in a business turnover of 1,724 lots. Likewise, the white metal for delivery in March shed Rs 60 or 0.16 per cent to Rs 38,112 per kg in 2,119 lots.
Traders attributed the fall in silver prices at the futures trade to a weak trend in precious metals in global markets, as the dollar held at recent highs after Federal Reserve Chairman Jerome Powell vowed to prevent the economy from overheating while sticking with gradual rate rises.
Globally, silver fell 0.18 per cent to $16.35 an ounce in Singapore.
