Silver futures fall on weak trend overseas

Silver prices eased by Rs 179 to Rs 38,358 per kg in futures trade Tuesday as speculators cut positions amid a weak trend overseas. At the Multi Commodity Exchange, silver for September delivery moved down by Rs 179, or 0.46 per cent, to Rs 38,358 per kg in a business turnover of 49 lots.

Similarly, the May-delivery contract for the white metal fell by Rs 66, or 0.18 per cent, to Rs 37,315 per kg in 19,738 lots. Analysts said cutting down of positions by speculators, in line with a weak trend overseas, led to the fall in silver prices.

Globally, silver was trading 0.23 per cent lower at USD 15.07 an ounce in New York.