Silver crashes 2pc in futures trade

Silver prices came down sharply

by 2 per cent,to Rs 38,490 per kg in futures trade Tuesday as speculators cut down their bets, taking weak cues from global markets coupled with profit-booking.

Silver for delivery in far-month December dipped by Rs 784, or 2 per cent, to Rs 38,490 per kg in futures trade at Multi Commodity Exchange. It clocked a business volume of 21,668 lots.

Silver for delivery in November, too, was trading lower by Rs 776, or 1.97 per cent, to Rs 38,525 per kg in a business turnover of 28,891 lots.

Market analysts said trimming of positions by participants in sync with weak trend overseas, mainly pulled down silver prices in futures trade here.

 

In the international market, silver traded 2.39 per cent lower at USD 14.38 an ounce in New York Monday.