Silver plunges over 2% on global cues
Speculators indulged in trimming positions amidst a weak trend overseas
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Silver prices fell sharply by over 2% to Rs 36,723 per kg in futures trade today as speculators indulged in trimming positions amidst a weak trend overseas.
At the Multi Commodity Exchange, silver for delivery in far-month March next year contracts plunged by Rs 776, or 2.07%, to Rs 36,723 per kg in a business turnover of 776 lots.
Similarly, the white metal for delivery in December declined by Rs 621, or 1.69%, to Rs 35,975 per kg in a business volume of 1,447 lots.
In the international market, silver retreated by 0.90% to $16.36 an ounce in Singapore.
Market analysts said offloading of positions by speculators, triggered by a weak trend in global markets, led to the plunge in silver prices at futures trade here.
At the Multi Commodity Exchange, silver for delivery in far-month March next year contracts plunged by Rs 776, or 2.07%, to Rs 36,723 per kg in a business turnover of 776 lots.
Similarly, the white metal for delivery in December declined by Rs 621, or 1.69%, to Rs 35,975 per kg in a business volume of 1,447 lots.
In the international market, silver retreated by 0.90% to $16.36 an ounce in Singapore.
Market analysts said offloading of positions by speculators, triggered by a weak trend in global markets, led to the plunge in silver prices at futures trade here.
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First Published: Nov 27 2014 | 10:50 AM IST