 "Silver down 1.5% on profit-booking; global cues")
Silver prices plunged by Rs 734 per kg to Rs 48,596 per kg in futures trade today as speculators locked-in gains at prevailing levels amid a weak trend in global markets.
In futures trading, silver for delivery in far-month December was trading sharply lower by Rs 734, or 1.49%, at Rs 48,596 per kg, in a business turnover of 344 lots at the Multi Commodity Exchange.
Similarly, the metal for delivery in September declined by Rs 690, or 1.43%, to Rs 47,562 per kg, in a business volume of 770 lots.
The metal rose 8.6% in the two days through Monday, the most since May 2011, briefly topping USD 21 for the first time in two years.
Analysts attributed the fall in silver in futures trade to a weak trajectory in global markets as the dollar snapped five days of losses, eroding demand for a safe haven.
Besides, profit-booking by speculators after recent gains, too weighed on silver futures here, they added.
In futures trading, silver for delivery in far-month December was trading sharply lower by Rs 734, or 1.49%, at Rs 48,596 per kg, in a business turnover of 344 lots at the Multi Commodity Exchange.
Similarly, the metal for delivery in September declined by Rs 690, or 1.43%, to Rs 47,562 per kg, in a business volume of 770 lots.
More From This Section
In the international market, silver slumped 3.9% to $19.53 an ounce in Singapore.
The metal rose 8.6% in the two days through Monday, the most since May 2011, briefly topping USD 21 for the first time in two years.
Analysts attributed the fall in silver in futures trade to a weak trajectory in global markets as the dollar snapped five days of losses, eroding demand for a safe haven.
Besides, profit-booking by speculators after recent gains, too weighed on silver futures here, they added.