Silver futures plunge by Rs. 207 per kg

New Delhi-India (Sept 27)  Silver prices plunged Rs. 207 to Rs. 47,157 per kg at the futures trade today as speculators reduced their exposure, tracking a weak trend overseas.

At the Multi Commodity Exchange, silver prices for delivery in far-month March next year traded sharply lower by Rs. 207 or 0.44 per cent at Rs. 47,157 per kg in a business turnover of 10 lots.

Similarly, the white metal prices for delivery in December slumped by Rs. 177 or 0.38 per cent to Rs. 46,324 per kg in a business volume of 927 lots.

In the international market, silver fell 1.27 per cent to $19.43 an ounce in New York yesterday.

Analysts attributed the fall in silver prices at the futures trade to a weak trend in global markets as the dollar erased losses, dimming the metal’s appeal as an alternative investment.

Source: TheHindu