Silver prices tumbled Rs 426 to Rs 38,440 per kg in futures trade today as speculators cut down their bets, taking weak cues from global market.
Silver for delivery in July was down by Rs 426, or 1.10 per cent, to Rs 38,440 per kg in futures trading at the Multi Commodity Exchange. It clocked a business volume of 390 lots.
The white metal for delivery in far-month September fell by Rs 414 to trade at Rs 39,130 per kg, in a business turnover of 11 lots.
Market analysts said offloading of positions by traders, tracking weakness in the precious metals overseas as the prospect of higher borrowing costs in the US damped the appeal of non-interest-bearing assets, mainly pulled down silver prices at futures trade.
In the international market, silver traded 1.82 per cent lower at USD 15.90 an ounce in Singapore.
