Silver futures down 1.9% on global cues
Speculators offloaded positions amid a weak global trend
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Silver prices plunged 1.92% to Rs 36,981 per kg in futures trade today after speculators offloaded positions amid a weak global trend.
At the Multi Commodity Exchange, silver for delivery in March 2015 was down by Rs 725, or 1.92%, to Rs 36,981 per kg in a business turnover of 1,937 lots.
Similarly, the white metal for delivery in December declined by Rs 593, or 1.61%, to Rs 36,130 per kg in 61 lots.
Market analysts said trimming of positions by speculators amid a weak trend in precious metals overseas put pressure on silver prices at futures trade.
Meanwhile, silver lost 1% to $16.30 an ounce in Singapore after prices rebounded yesterday from a five-year low of $14.42 to end 6.5% higher, the biggest gain since January 2012.
At the Multi Commodity Exchange, silver for delivery in March 2015 was down by Rs 725, or 1.92%, to Rs 36,981 per kg in a business turnover of 1,937 lots.
Similarly, the white metal for delivery in December declined by Rs 593, or 1.61%, to Rs 36,130 per kg in 61 lots.
Market analysts said trimming of positions by speculators amid a weak trend in precious metals overseas put pressure on silver prices at futures trade.
Meanwhile, silver lost 1% to $16.30 an ounce in Singapore after prices rebounded yesterday from a five-year low of $14.42 to end 6.5% higher, the biggest gain since January 2012.
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First Published: Dec 02 2014 | 11:03 AM IST