ET:Silver futures fall below Rs 42k level, tumble 6 per cent
NEW DELHI: Silver dipped below Rs 42,000 level with prices plunging by almost 6 per cent to Rs 41,317 per kg in futures trade today as speculators engaged in off-loading their positions, tracking a weak trend in the global market.
Further, a weakening trend at the spot markets due to subdued demand put pressure on silver prices.
At the Multi Commodity Exchange, silver for delivery in July slipped below Rs 42,000 level by falling Rs 2,637, or nearly 6 per cent, to Rs 41,317 per kg, with a turnover of 58,551 lots.
Similarly, silver for delivery in September contracts crashed by Rs 2,657, or 5.98 per cent, to trade at Rs 41,750 per kg, with a business turnover of 5,262 lots.
Analysts said sentiments dampened as the precious metals dropped in the global markets after Federal Reserve Chairman Ben S Bernanke said asset purchases may be reduced later this year as the US economy recovers.
Meanwhile, in London, silver tumbled 6.86 per cent to USD 19.98 an ounce.
