Silver futures plunge Rs 528 on weak global cues

Amid a weakening trend overseas, silver prices tumbled Rs 528 to Rs 41,200 per kg in futures trade today as speculators cut their holdings.
Silver for delivery in March was trading sharply lower by Rs 528, or 1.27 per cent, at Rs 41,200 per kg in a business turnover of 879 lots in futures trading at the Multi Commodity Exchange (MCX).
On similar lines, the white metal for delivery in far-month May slumped Rs 527, or 1.23 per cent, at Rs 41,822 per kg, with a business turnover of 10 lots.
In the international market, silver traded 1.13 per cent lower at USD 16.61 an ounce in Singapore.

Market analysts said, a weak trend in precious metals in global markets after the US Federal Reserve hiked the interest rate by a quarter percentage, boosting the dollar and reducing demand for the precious metals as an alternate, weighed on silver prices.