Silver prices plunged by Rs 752 to Rs 49,282 per kg in futures trade today as speculators engaged in reducing their positions in tandem with a weakening global trend.
Fall in demand at existing higher levels in the spot market also influenced the trading sentiment.
At the Multi Commodity Exchange, silver for delivery in March dropped by Rs 752, or 1.50 per cent, to Rs 49,282 per kg, with a business turnover of two lots.
Likewise, for delivery in May, the white metal tumbled by Rs 717, or 1.41 per cent, to Rs 50,085 per kg, with an open interest of a single lot.
Analysts said that silver futures prices dropped as speculators reduced their positions on the back of a weakening global trend. Meanwhile, silver lost 4.26 per cent at $32.11 an ounce in New York last evening.
