Silver futures slide by Rs 573 per kg

Silver prices plunged by Rs 573 to Rs 40,475 per kg in futures trade today as speculators reduced their exposure, tracking a weak trend overseas.
At Multi Commodity Exchange, silver prices for delivery in July contracts traded sharply lower by Rs 573 or 1.4 per cent, to Rs 40,475 per kg in business turnover of 21,608 lots.
Similarly, the white metal prices for delivery in far-month September contract slumped by Rs 566, or 1.36 per cent, to Rs 41,162 per kg in business volume of 527 lots.
In the international market, silver fell by 0.65 per cent at 16.77 an ounce in Singapore.

Analysts attributed the fall in silver prices in futures trade to a weak trend in global markets on concern that the Federal Reserve may raise interest rates as soon as June after the possibility was flagged in the minutes of its meeting last month boosted the dollar, reducing the appeal for the precious metals.