Silver melts 2.68 pc in futures trade on lower global trend

Silver prices were sharply down by 2.68 per cent to hit four-year low at Rs 36,300 per kg in futures market today as speculators trimmed their positions, tracking a weak global trend.
At the Multi Commodity Exchange, silver for delivery in far-month March next year nosedived by Rs 998, or 2.68 per cent to Rs 36,300 per kg in business turnover of 773 lots.
Similarly, the white metal for delivery in December lost Rs 964, or 2.64 per cent, to Rs 35,510 per kg in 20,761 lots.
Market analysts said a steep fall in silver prices in futures trade was mostly attributed to speculators trimming their positions in tandem with a weak global trend as the dollar strengthened after the Bank of Japan unexpectedly boosted unprecedented stimulus and the Federal Reserve ended asset purchases, eroding demand for precious metals.

In the national capital silver prices fell sharply by Rs 1,700 to Rs 36,150 per kg.
Meanwhile, silver tumbled by 3.00 per cent to USD 16 an ounce, its lowest since February 2010 in London.