Silver futures plunge Rs 283 on weak global cues

Silver prices tumbled Rs 283 to Rs 41,060 per kg in futures trade today as speculators cut their holdings amid a weakening trend overseas.
Silver for delivery in March was trading sharply lower by Rs 283, or 0.68 per cent, at Rs 41,060 per kg, in a business turnover of 46 lots in futures trading at the Multi Commodity Exchange (MCX).
On similar lines, the white metal for delivery in December slumped Rs 270, or 0.66 per cent, at Rs 40,470 per kg, with a business turnover of 956 lots.
In the international market, silver traded 0.30 per cent lower at USD 16.59 an ounce in Singapore.

Marketmen said a weak trend in global market as the US dollar strengthened amid expectations of US rate hike by the Federal Reserve next month, eroding demand for the precious metals as a safe-haven investment, led to fall in silver futures.