Silver futures plunge Rs 308 on weak global cues

Amid a weakening trend overseas, silver prices dropped by Rs 308 to Rs 38,401 per kg in futures trade today as speculators cut down their bets at prevailing levels.
Silver for delivery in far-month May contracts was trading lower by Rs 308, or 0.80 per cent, to Rs 38,401 per kg in business turnover of 297 lots in futures trading at Multi Commodity Exchange (MCX).
The white metal for delivery in March plunged Rs 298, or 0.78 per cent, at Rs 37,990 per kg with a business turnover of 6,886 lots.
In the international market, silver traded 0.38 per cent lower at USD 15.70 an ounce in London.

Market analysts said a weak trend in precious metals in global markets and profit-booking by participants at existing levels kept pressure on silver.