Silver futures plung Rs 240 per kg on weak overseas cues

Silver prices fell sharply by Rs 240 to Rs 38,049 per kg in futures trade today as speculators trimmed exposure amid a weak trend in global markets.
At the Multi Commodity Exchange, silver for delivery in September traded lower by Rs 240, or 0.63 per cent, to Rs 38,049 per kg in a business turnover of 571 lots.
The white metal for delivery in December too fell by Rs 201, or 0.52 per cent, to Rs 38,698 per kg in three lots.
In the international market, silver fell 0.42 per cent to USD 16.41 an ounce in Singapore.
Analysts attributed the fall in silver futures trade to a weak trajectory in global markets as equities gained and the markets awaited clues about monetary policy from the US Federal Reserve, which began its two-day meeting yesterday and trimming of positions by speculators.