Silver futures plunge 1.74% on overseas cues

Tracking a weakening trend overseas, silver prices tumbled Rs 174 to Rs 33,747 per kg in futures trade today as speculators cut their holdings.
At Multi Commodity Exchange (MCX) silver for delivery in March next year was trading sharply down by Rs 598, or 1.74 per cent to Rs 33,747 per kg in business turnover of 10,501 lots.
Likewise, the white metal for delivery in May contracts traded lower by Rs 594, or 1.71 per cent to Rs 34,144 per kg in 100 lots.
Market analysts said a weak trend in precious metals in global markets mainly pulled down silver prices at futures trade.

Meanwhile, silver fell 2.5 per cent, the biggest intra-day drop since December 17, to USD 14.01 an ounce in London.