Silver futures soften 0.17 percent on global cues

NEW DELHI: Silver prices traded lower by 0.17 per cent to Rs 38,646 per kg in futures trade today as participants cut 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 futures trade to a weak trend in precious metals in global markets as the dollar held 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 toUSD 16.35 an ounce in Singapore today.