Silver plunges Rs 116 on weak global cues

Taking weak cues from global market, silver prices tumbled by Rs 116 to Rs 39,761 per kg in futures trade today as participants engaged in cutting down their bets.
Moreover, profit-booking too put pressure on silver prices.
At the Multi Commodity Exchange, silver for delivery in December was trading lower by Rs 116 or 0.29 per cent to Rs 39,761 per kg in a business turnover of 358 lots.
The white metal for delivery in March next year too lost Rs 104 or 0.26 per cent to Rs 40,344 per kg in a business volume of 2 lots.
In the international market, silver was trading 0.22 per cent down at USD 16.99 an ounce in Singapore.

Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas as strength in the dollar, eroded demand for the precious metals as a haven.