Silver down 2% on weak global cues

Taking weak cues from overseas markets, silver prices slumped Rs 852 to Rs 44,592 per kg in futures trade today as participants cut down their positions.

At the Multi Commodity Exchange, silver for delivery in September plunged by Rs 852 or 1.87% to Rs 44,592 per kg in a business turnover of 1,228 lots.

Similarly, the white metal for delivery in December dived Rs 821 or 1.77% to Rs 45,684 per kg in a business volume of 77 lots.

In the international market, silver fell 2.03% to $18.86 an ounce in Singapore today.

Traders said the fall in silver prices at futures trade was largely in step with a weak trend in precious metals in global markets as the dollar strengthened against a basket of major currencies after comments from two Federal Reserve officials raised expectations for an interest rate increase this year and reduced appeal for the precious metals as a haven.