Silver futures today plunged by 2.04 per cent in afternoon trade on the Multi Commodity Exchange (MCX) on considerable fall in demand at the spot markets at existing higher levels.

At 1330 hrs on the MCX, silver for the most-active July contract fell by 2.04 per cent to Rs 22,104 per kg, with a trading volume of 11,547 lots, while the precious metal for delivery in September moved down by 1.95 per cent to Rs 22,188 per kg, clocking 241 lots.

Shifting of funds towards the rising equity markets, which hit upper circuit for the first time, also caused the downward trend, they said.

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