 "Silver futures fall below Rs 47,000 level")
Silver futures for May dipped below Rs 47,000 level by losing Rs 2,570, or 5.26%, to Rs 46,331 per kg after touching a low of Rs 46,079 in 2,596 lots.
At the Multi Commodity Exchange (MCX), the far-month July contract nosedived by Rs 2,898, or 5.75%, to Rs 46,979 per kg in 57 lots.
Prices plunged as speculators indulged in trimming their positions amid weakening spot markets trend due to subdued demand.
In Singapore, silver tumbled 6.80% to $24.24 an ounce, the lowest level since November 2010.
At the Multi Commodity Exchange (MCX), the far-month July contract nosedived by Rs 2,898, or 5.75%, to Rs 46,979 per kg in 57 lots.
Prices plunged as speculators indulged in trimming their positions amid weakening spot markets trend due to subdued demand.
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Weak trend in global markets due to investors reducing holding on hopes that demand for safe haven assets would decline as global economy improves influenced silver futures here.
In Singapore, silver tumbled 6.80% to $24.24 an ounce, the lowest level since November 2010.