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Silver dipped below Rs 42,000 level with prices plunging by almost 6% to Rs 41,317 per kg in futures trade today as speculators engaged in off-loading their positions, tracking a weak trend in the global market.
Further, a weakening trend at the spot markets due to subdued demand put pressure on silver prices.
At the Multi Commodity Exchange, silver for delivery in July slipped below Rs 42,000 level by falling Rs 2,637, or nearly 6%, to Rs 41,317 per kg, with a turnover of 58,551 lots.
Similarly, silver for delivery in September contracts crashed by Rs 2,657, or 5.98%, to trade at Rs 41,750 per kg, with a business turnover of 5,262 lots.
Analysts said sentiments dampened as the precious metals dropped in the global markets after Federal Reserve Chairman Ben S Bernanke said asset purchases may be reduced later this year as the US economy recovers.
Meanwhile, in London, silver tumbled 6.86% to $19.98 an ounce.
