Silver down by 0.5% on global cues

Profit-booking by speculators at futures trade also affected prices

Silver prices plunged by Rs 195 to Rs 38,312 per kg in futures trade today as speculators cut down their bets, taking weak cues from global market.

At the Multi Commodity Exchange, silver prices for delivery in May traded sharply lower by Rs 195, or 0.51%, to Rs 38,312 per kg, in a business turnover of 354 lots.

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Similarly, the white metal prices for delivery in far-month July slumped by Rs 167, or 0.43%, to Rs 38,900 per kg, in a business volume of 10 lots.

In the international market, silver retreated 0.4% to 16.16 an ounce in Singapore after rising to $16.37 on Friday, the highest since June.

Analysts attributed the fall in silver prices in futures trade to a weak trend in global markets after recent gains and profit-booking by speculators at futures trade.