Silver plunges Rs 447, hurt by weak global cues

Taking weak cues from overseas markets, silver prices slumped by Rs 447 to Rs 40,746 per kg in futures trading today, as participants cut down their bets.
Also, profit-booking at prevailing levels by speculators weighed on silver prices.
At the Multi Commodity Exchange, silver for delivery in March dropped by Rs 447, or 1.09 per cent, to Rs 40,746 per kg, in a business turnover of 328 lots.
Similarly, the white metal for delivery in far-month May traded lower by Rs 440, or 1.05 per cent, to Rs 41,383 per kg in two lots.
Traders said offloading of positions by participants due to a weak global trend as a stronger dollar and equities near record highs, reduced appeal of the precious metals as a safe-haven investments, mainly led to the fall in silver prices at futures trade.

Globally, silver shed 0.27 per cent to USD 16.70 an ounce in Singapore.