Silver futures were trading lower during the morning trade in the domestic market on Monday as speculators remained on the sidelines tracking weak cues from overseas. Further, decline in silver prices at the futures trade was largely inline with a weak trend in precious metals in global markets.

 At the MCX, Silver futures for September 2016 contract is trading at Rs 47,051 per 10 grams, down by 0.47 per cent, after opening at Rs 47,036, against a previous close of Rs 47,275. It touched the intra-day low of Rs 47,023.  

 The U.S. Labor Department said its Consumer Price Index rose by 0.2% in June, amid firming price pressures in services, transportation and medical care. The gains fell slightly below expectations of a 0.3% increase, one month after rising by 0.2% in May. On a yearly basis, consumer prices rose by 1.0%, one month after rising by an upwardly revised 1.1%. The Core CPI Index, which strips out volatile food and energy prices, increased by 0.2% in line with consensus estimates.

                                    Trading Ideas  

1. Silver trading range for the day is 46761-47955.

2. Silver prices dropped as investors turned to risk assets such as stocks, cutting demand for bullion as a haven. 

3. Investors flocked to precious metals as the Brexit vote in June caused immediate turmoil across markets.       

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