Silver futures plunge Rs 659 per kg on weak global cues

Silver prices tumbled Rs 659 to Rs 45,535 per kg in futures trade today as speculators cut their holdings amid a weakening trend overseas.
Silver for delivery in December was trading sharply lower by Rs 659 or 1.43 per cent at Rs 45,535 per kg in a business turnover of 1,147 lots in futures trading at Multi Commodity Exchange (MCX).
On similar lines, the white metal for delivery in far-month March next year slumped Rs 626 or 1.33 per cent at Rs 46,516 per kg with a business turnover of 32 lots.
In the international market, silver traded 0.58 per cent lower at USD 18.92 an ounce in Singapore.

Market analysts said a weak trend in precious metals in global market after revived speculations about a possible US rate hike as soon as this month, led to steep fall in silver prices at futures trade here.