Prices of Silver witness a decline by INR 62 to touch INR 37,200 per kg at the futures trade. This was because participants trimmed the positions because of weak global cues.
At MCX, silver delivery for the month of September was seen trading less INR 62 at INR 37,200 per kg for a business turnover of 241 lots.
In the international market as well, Silver was seen trading at 0.06% down at USD 16.23 per an ounce in the Singapore market today.
Analysts attribute the fall in the prices of silver at the futures trade because of weak trend as the dollar was seen strengthening as well as jobs data for the month July which was released in the US, and were stronger than expected.
With this diminishing demand for the metal was attributed to the prices of the commodity.