Silver falls by 0.8% on lower global cues

Silver prices dived Rs 282 to Rs 34,381 per kg in futures trade today as speculators indulged in offloading positions, taking weak cues from global market.

At the Multi Commodity Exchange, silver for delivery in September plunged by Rs 282 or 0.81% to Rs 34,381 per kg in a business turnover of 639 lots.

Similarly, the white metal for delivery in far-month December lost Rs 288 or 0.81% to Rs 35,167 per kg in 17 lots.

Market analysts said speculators were seen reducing their exposure largely in tandem with a weak global trend where precious metals retreated as a China-led equity-market rout across Asia and the crisis in Greece boosted the dollar, influencing silver prices at futures trade here.

Meanwhile, silver sank 0.7% to $14.96 an ounce in Singapore today. It tumbled to $14.68 in yesterday's trade, the lowest level since December 1.