Silver futures plunge Rs 842 to Rs 40,864 per kg

Silver futures on Thursday plunged Rs 842 to Rs 40,864 per kg as participants cut down their bets taking weak cues from overseas markets.

On the Multi Commodity Exchange, silver contracts for May delivery tumbled by Rs 842, or 2.02 per cent, to Rs 40,864 per kg in a business turnover of 2,310 lots.

Besides, the white metal to be delivered in July fell by Rs 735, or 1.76 per cent, to Rs 41,018 per kg in 68 lots.

In the international market, silver prices traded 2.14 per cent lower at USD 14.56 an ounce in New York.

Analysts said weak trend overseas mainly kept pressure on silver prices here.