Silver plunges in futures trade on weak global cues

Silver prices plunged by Rs 325 to Rs 36,955 per kg in futures trade today as speculators engaged in reducing positions largely in tune with a weakening trend overseas.

At the Multi Commodity Exchange, silver for delivery in far-month May next year was trading down by Rs 325, or 0.86%, at Rs 37,573 per kg in business turnover of 13 lots.

Similarly, the white metal for delivery in March declined by Rs 314, or 0.84%, to Rs 36,955 per kg in a business volume of 650 lots.

In the international market, silver was at $16.46 an ounce in Singapore from $16.47 yesterday.

Market analysts said a subdued trend in global markets ahead of US payrolls data that may show employers added more workers last month, boosting the case for an increase in borrowing costs in the largest economy, put pressure on silver futures here.