Silver futures down 1.3% on weak global cues

Taking weak cues from overseas markets, silver prices plunged by 1.28% to Rs 36,771 per kg in futures trading today, as participants cut down their bets.

Also, profit-booking at prevailing levels by speculators weighed on silver prices.

At the Multi Commodity Exchange, silver for delivery in March dropped by Rs 477, or 1.28%, to Rs 36,771 per kg, in a business turnover of 1,234 lots.

Similarly, the white metal for delivery in far-month May traded lower by Rs 397, or 1.06%, to Rs 37,203 per kg in 46 lots.

Traders said offloading of positions by participants due to a weak global trend mainly led to the fall in silver prices at futures trade.
 
Globally, silver shed 0.10% to $15.22 an ounce in Singapore.