Silver prices nosedived by Rs 5,600 to Rs 65,750 per kg in futures trading today as speculators off-loaded their positions in tandem with a weakening global cues.
At the Multi Commodity Exchange, silver for delivery in July dipped by Rs 5,600, or 7.85 to Rs 65,750 per kg, with a business volume of four lots.
Similarly, the metal for delivery in May dropped by Rs 5,419, or 7.69% to Rs 65,088 per kg, with a business turnover of two lots.
Market analysts said heavy selling by speculators in tandem with a weakening global trend mainly pulled down silver futures prices.
Meanwhile, silver plunged by 7.61% to $44.29 an ounce in Asian region.
