Silver plunges Rs 346 as participants trim position

Silver prices tumbled by Rs 346 to Rs 39,072 per kg in futures trade today as participants cut down bets to book profits even as metal strengthened overseas.
At the Multi Commodity Exchange, silver for delivery in July was trading sharply lower by Rs 346, or 0.88 per cent, to Rs 39,072 per kg in a business turnover of 520 lots.
Similarly, the white metal for delivery in September declined by Rs 318, or 0.80 per cent, to Rs 39,680 per kg in a business volume of 16 lots.
In the international market, silver rose 0.36 per cent to USD 16.87 an ounce in New York yesterday.

Traders said the fall in silver prices was largely due to cutting down of positions by participants to book profits but a better trend overseas, capped the fall.