Silver futures plunge Rs 474 per kg on weak global cues

Silver prices tumbled Rs 474 to Rs 39,773 per kg in futures trade today as speculators cut holdings amid a weakening trend overseas.
Silver for delivery in far-month December was trading sharply lower by Rs 474, or 1.18 per cent, at Rs 39,773 per kg in a business turnover of1 1,110 lots in futures trading at the Multi Commodity Exchange (MCX).
The white metal for delivery in March slumped Rs 397, or 0.97 per cent, at Rs 40,369 per kg with a business turnover of 106 lots.
In the international market, silver traded 0.53 per cent lower at USD 17.04 an ounce in Singapore today.

Market analysts said a weak trend in precious metals in global market and a stronger US dollar curbed demand for the precious metals, considered as safe haven investment.