Silver futures plunge Rs 698 on lower global cues

Amid a weakening trend overseas, silver prices dived by Rs 698 to Rs 38,480 per kg in futures trade today as speculators cut down their bets.

Silver for delivery in September was trading lower by Rs 698, or 1.78 per cent, to Rs 38,480 per kg, in a business turnover of 1,388 lots in futures trading at the Multi Commodity Exchange (MCX).

The white metal for delivery in far-month December shed Rs 657, or 1.65 per cent, at Rs 39,075 per kg, with a business turnover of 75 lots.

In the international market, silver slumped 2.61 per cent to USD 16.62 an ounce in New York.

Market analysts said a weak trend in precious metals in global markets as data on retail sales and US manufacturing came in better-than-expected and easing geopolitical tensions between North Korea and the US undercut haven demand for the precious metal, kept pressure on silver futures.

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