Silver sheds over 3% on weak global cues
Amid weak trend overseas and profit-booking by speculators, silver prices plunged by Rs 1,705 or 3.22% to Rs 51,284 per kg in futures trade today.
At the Multi Commodity Exchange, December silver fell sharply by Rs 1,705, or 3.22% to Rs 51,284 per kg in a business turnover of 10,748 lots.
The March contract tumbled by Rs 1,688, or 3.10% to Rs 52,700 per kg in 313 lots.
Market analysts said apart from a weak trend in the precious metals in global markets, profit-booking by speculators also put pressure on the silver futures here.
Meanwhile, silver lost as much as 2.9% to $30.97 an ounce in Singapore in early trade today.