Silver futures plunge to Rs 49,170 per kg

New Delhi-India (Oct 31)    Silver prices fell sharply by 1.72 per cent to Rs 49,170 per kg at the futures trade today as speculators indulged in trimming positions largely in tune with a weak trend in the global market. On the Multi Commodity Exchange, silver for delivery in December traded lower by Rs 858 or 1.72 per cent to Rs 49,170 per kg in a business turnover of 1,270 lots.

Similarly, the white metal for delivery in far-month February declined by Rs 855 or 1.66 per cent to Rs 50,650 per kg in a business volume of 25 lots. In the international market, silver tumbled 1.9 per cent to $22.32 an ounce in Singapore.

Market analysts said a weak trend in the global market on speculation that the US Federal Reserve will begin scaling back monetary stimulus as the economy improves, led to fall in silver prices at the futures trade here.