Silver futures plunge Rs 188 per kg on weak global cues

Silver prices tumbled Rs 188 to Rs 39,533 per kg in futures trade today as speculators cut holdings amid a weakening trend overseas.

Silver for delivery in September was trading sharply lower by Rs 188, or 0.47 per cent, at Rs 39,533 per kg in a business turnover of 1,042 lots in futures trading at the Multi Commodity Exchange (MCX).

On similar lines, the white metal for delivery in December slumped Rs 156, or 0.39 per cent, at Rs 40,297 per kg with a business turnover of 431 lots.

In the international market, silver traded 0.43 per cent lower at USD 17.31 an ounce in Singapore today.

Market analysts said a weak trend in precious metals in global market as the dollar strengthened against a basket of major currencies, reducing appeal of the precious metals as a safe-haven, led to a steep fall in silver prices at futures trade here.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)