Silver futures plunge Rs 211 on weak global cues

Traders pare positions as metal loses 2.17% in Singapore, on expectations of a US interest rate hike

 

Silver prices dropped by Rs 211 to Rs 34,980 per kg in futures trade today as speculators cut down their bets, amid a weakening trend overseas.

Silver for delivery in May was trading lower by Rs 211, or 0.60 per cent, at Rs 34,980 per kg in a business turnover of 11 lots in futures trading at Multi Commodity Exchange (MCX).

March silver plunged Rs 189, or 0.54 per cent, at Rs 34,582 per kg with a business turnover of 338 lots.

In the international market, silver traded 2.17 per cent lower at $14.23 an ounce in Singapore.

Market analysts said a weak trend in precious metals in global markets as precious metals hold decline on looming the US rate rise, kept pressure on silver futures.