Silver futures fall on weak global trends

Silver futures prices today fell sharply by 1.97 per cent to Rs 57,498 per kg largely after participants trimmed their positions, tracking a weak trend overseas.

At the Multi Commodity Exchange, silver for delivery in March fell by Rs 1,153, or 1.97 per cent, to Rs 57,498 per kg, with a business turnover of 4,623 lots.

Similarly, the metal for delivery in May lost Rs 1,175, or 1.91 per cent, to Rs 58,870 per kg, with a business turnover of 218 lots.

Marketmen attributed the fall in silver futures to off-loading of positions by speculators as the US Federal Reserve policy makers said that they will probably end asset purchases this year and investors cut holdings by the most since May.

Meanwhile, silver fell as much as 2.5 per cent to $29.42 an ounce in Singapore, the lowest since August 22.