Silver futures down 0.51% on weak global cues

Taking weak cues from overseas markets, silver prices plunged by 0.51 per cent to Rs 42,400 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 far-month May dropped by Rs 217, or 0.51 per cent, to Rs 42,400 per kg, in a business turnover of 15 lots.

Similarly, the white metal for delivery in March was trading lower by Rs 181, or 0.43 per cent, to Rs 41,850 per kg in 500 lots.

Traders said offloading of positions by participants at higher levels and a weak global trend, mainly led to the fall in silver prices at futures trade.
 

Globally, silver shed 0.34 per cent to USD 17.55 an ounce in Singapore.