Silver futures touch 6-week low, plunge 3.28%

Taking weak cues from global market and weak trend at the domestic markets, speculators indulged in liquidating their positions, dragging silver futures prices down by 3.28% to a six-week low of Rs 53,475 per kg.

At the Multi Commodity Exchange, silver for delivery in July declined by Rs 1,812, or 3.28% to Rs 53,475 per kg, lowest level in over six weeks, with a business volume of five lots.

Similarly, the metal for delivery in September dropped by Rs 1,577, or 2.83% to Rs 54,200 per kg, with a business turnover of two lots.   

Market analysts said continued selling by speculators following sharp losses in the overseas markets on concerns that slower global growth may crimp demand, mainly dampened the trading sentiments at domestic futures market here.  

Meanwhile, silver plunged by 4.4% to $34.65 an ounce in Asian region, taking losses to nearly 29% this week.