Silver plunges Rs 422 on weak global cues

Continuing its slide, silver prices were down by another Rs 422 to Rs 45,650 per kg in futures trade today as participants engaged in trimming their positions, tracking a weak trend overseas.
At the Multi Commodity Exchange, silver for delivery in September was trading lower by Rs 422 or 0.92 per cent to Rs 46,885 per kg in a business turnover of 16 lots.
The white metal for delivery in December lost Rs 392 or 0.83 per cent to Rs 46,885 per kg in a business volume of 16 lots.
In the international market, silver was trading 2.54 per cent down at USD 19.37 an ounce in New York yesterday.

Marketmen attributed the persistent fall in silver prices at futures trade to a weak trend in the precious metals in global market as gains in equities and a stronger dollar curbed demand for the precious metals as a store of value.