Silver futures drop on weak overseas trend

New Delhi, Jun 5 (PTI) Silver futures on Friday dropped by Rs 262 to Rs 48,549 per kg as participants reduced their bets on weak global cues.

On the Multi Commodity Exchange, silver contracts for July delivery tumbled by Rs 262, or 0.54 per cent, to Rs 48,549 per kg in a business turnover of 11,351 lots.

Similarly, silver for September delivery fell by Rs 308, or 0.62 per cent, to Rs 49,310 per kg in a business turnover of 1,347 lots.

Analysts said weak trends in overseas markets mainly kept pressure on silver prices in the domestic market.

Meanwhile, silver prices traded 0.42 per cent lower at USD 17.99 an ounce in New York. PTI RUJ ANS ANS