Silver futures were trading lower during the morning trade in the domestic market on Thursday as traders booked-profit at prevailing levels amid a weak trend overseas.
Analysts said the decline in silver in the futures trade attributed to a fall in demand for safe haven assets tracking a weak trend overseas followed by the release of the US Fed meeting minutes, which showed that the majority of Fed members were cautious to adjust rates following poor US labour data and Brexit vote.
At the MCX, silver futures for September 2016 contract is trading at Rs 47,779 per 10 grams, down by 0.02 per cent, after opening at Rs 47,949, against a previous close of Rs 47,788. It touched the intra-day low of Rs 47,761 .
Analysts said the decline in silver in the futures trade attributed to a fall in demand for safe haven assets tracking a weak trend overseas followed by the release of the US Fed meeting minutes, which showed that the majority of Fed members were cautious to adjust rates following poor US labour data and Brexit vote.
At the MCX, silver futures for September 2016 contract is trading at Rs 47,779 per 10 grams, down by 0.02 per cent, after opening at Rs 47,949, against a previous close of Rs 47,788. It touched the intra-day low of Rs 47,761 .
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