New Delhi: Taking weak cues from overseas markets, silver prices plunged by 1.28 per cent 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 per cent, 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 per cent, 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 per cent to USD 15.22 an ounce in Singapore.