Silver down 0.8% on lower global trend

Mumbai-India (Nov 13)   Silver prices moved down by Rs 0.86% to Rs 48,863 per kg in futures trade today as speculators offloaded their positions driven by a weak trend in global markets.

At the Muklti-Commodity Exchange, silver for delivery in March fell by Rs 577, or 0.86%, to Rs 48,863 per kg in business turnover of 344 lots.

Likewise, the metal for delivery in December moved down by Rs 370, or 0.77%, to Rs 47,380 per kg in 7,791 lots.

Market analysts said speculators reduced their holdings on lower global trend mainly pulled down silver prices in futures trade.

Meanwhile, silver lost 3.04% to $20.70 an ounce in New York last night.