Silver futures fall from recent record

Silver futures prices fell by 0.63 per cent on Thursday as traders indulged in reducing their positions influenced by a weakening global trend.

At the MCX, silver for May contract fell by 0.63 per cent to Rs 27,477 per kg with an open interest in 122 lots. It had gained 1.03 per cent in Wednesday's trading.

Similarly, the metal for delivery in March contract declined by 0.39 per cent to Rs 27,386 per kg with an open interest in 1,457 lots.

Analysts said fresh selling by traders in tandem with a weakening global trend mainly led to fall in silver prices at futures market here.

Meanwhile, silver fell 0.7 per cent to 17.32 dollar an ounce in Asia.