Silver plunges Rs 199 on weak global cues

Taking weak cues from global market, silver prices tumbled by Rs 199 to Rs 47,000 per kg in futures trade today as participants engaged in trimming their positions.
At the Multi Commodity Exchange, silver for delivery in far-month December was trading lower by Rs 199 or 0.42 per cent to Rs 47,000 per kg in a business turnover of 20 lots.
The white metal for delivery in September too lost Rs 197 or 0.43 per cent to Rs 45,897 per kg in a business volume of 599 lots.
In the international market, silver was trading 0.58 per cent down at USD 19.59 an ounce in Singapore.

Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas as the dollar rebounded and a Federal Reserve policy maker said the US economy is strong enough to warrant an increase in interest rates soon.