Silver futures plunge to Rs 53,084 per kg

NEW DELHI-INDIA  (Sept 10)   Tracking a weak global trend and strong rupee, silver futures prices fell Rs 1,033 or 1.91 per cent to Rs 53,084 per kg today, as speculators trimmed their positions.

On the Multi Commodity Exchange, silver prices for delivery in December plunged by Rs 1,033 or 1.91 per cent to Rs 53,084 per kg in a business turnover of 959 lots.

Similarly, the white metal prices for delivery in far-month March lost Rs 937 or 1.69 per cent to Rs 54,379 per kg in 16 lots.

Market analysts said a weak trend in the precious metals overseas on speculation that the US Federal Reserve will begin to pare stimulus from next week and as a bid to avert military action in Syria eroded the haven demand, mainly pulled down silver prices at the futures trade.

Further, continued rise in rupee value, making imports of dollar-quoted precious metals cheaper, also weighed on silver prices, they said.

Globally, silver for spot delivery sank 1.7 per cent to $23.31 an ounce, retreating for a second day in Singapore.