Silver futures plunge on profit-booking

After witnessing a sharp rally last week, silver futures prices fell by Rs 694 to Rs 55,156 per kg today, following profit-taking by traders at prevailing higher levels.

Traders said profit-booking by traders at existing higher levels, guided by lower overseas and spot market sentiments, weighed on the silver futures prices.

Slackness in demand from consuming industries and stockist on higher levels also helped to brought down the trading sentiments.

At the Multi Commodity Exchange, silver prices for December contract fell by Rs 694, or 1.24%, to Rs 55,156 per kg, registering a business volume of 6,190 lots.

Prices for March contract also slipped by Rs 687, or 1.19%, to Rs 57,613 per kg, persisting the volume of 470 lots.