Silver futures plunge Rs. 390 on weak global cues

New Delhi-India (Nov 11)  Taking weak cues from global market, silver prices tumbled by Rs. 390 to Rs. 43,776 per kg at the futures trade today as participants engaged in cutting down their bets.

Moreover, profit-booking after recent gains too put pressure on silver prices.

At the Multi Commodity Exchange, silver for delivery in December was trading lower by Rs. 390 or 0.88 per cent to Rs. 43,776 per kg in a business turnover of 305 lots.

The white metal for delivery in March next year too lost Rs. 359 or 0.80 per cent to Rs. 44,372 per kg in a business volume of 28 lots.

In the international market, silver was trading 0.24 per cent down at $18.54 an ounce in Singapore.

Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas as strong dollar eroded demand for the precious metals as a haven.

Source: BusinessLine