Silver with gold in the domestic market is also under pressure. Silver prices fell by 0.37 per cent to Rs 40,214 per kg in futures trade today as speculators cut positions amid weak global cues.
At 05: 00 PM, MCX silver July futures contract was trading down at Rs 40,214 per kg, down Rs 151, or 0.37 percent. The silver price hit an intraday high of Rs 40590 and an intraday low of Rs 40265.
Market observers said that the reason for the decline in silver futures trade is discharging positions of speculators in tandem with a subdued global trend as the U.S. economic data backed the case of the Federal Reserve to maintain reduction of monetary stimulus, as demand in China showed signs of decline.
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