Silver tumbles Rs 184 on profit-booking, global cues

Silver prices slumped by Rs 184 per kg to Rs 40,980 per kg in futures trade today as speculators cut down bets at prevailing levels amid a weak trend in global markets.
In futures trading, silver for delivery in December was trading sharply lower by Rs 184, or 0.45 per cent, at Rs 40,980 per kg, in a business turnover of 645 lots at the Multi Commodity Exchange.
Similarly, the metal for delivery in March declined by Rs 129, or 0.31 per cent, to Rs 41,570 per kg, in a business of two lots.
In the international market, silver slumped 0.31 per cent to USD 17.70 an ounce in Singapore today.

Analysts attributed the fall in silver prices to offloading of positions following a weak trajectory in global markets as rising equities and strengthening dollar reduced demand for the precious metals a safe-haven investment.