Silver futures fall Rs 247 per kg on muted demand

Silver prices fell by Rs 247 to Rs 46,971 per kg in futures trade on Tuesday as investors trimmed their positions amid subdued demand tracking weak trend overseas. Silver for delivery in December traded lower by Rs 247, or 0.52 percent, to Rs 46,971 per kg in a business turnover of 1,977 lots in futures trading on the Multi Commodity Exchange (MCX).

Similarly, the white metal for delivery in March next year fell by Rs 185, or 0.38 percent, to Rs 48,068 per kg in a business turnover of 30 lots. In the international market, silver traded 0.13 percent lower at USD 17.90 an ounce in New York.

Market analysts said apart from muted demand, a weak trend in precious metals in global markets and trimming of positions by speculators at prevailing levels kept the pressure on the silver futures.