NEW DELHI, May 20: Silver futures today tumbled 4 per cent to hit the lower circuit at Rs 40,912 per kg, the lowest level in 31 months, largely in tandem with a weakening trend overseas.
At the Multi Commodity Exchange, the July contract of silver traded lower by Rs 1,717, or 4.03 per cent, to Rs 40,912 per kg in a business turnover of 4,336 lots. This level was last seen in November, 2010.
The far-month September contract fell by Rs 1,728, or 4 per cent, to Rs 41,436 per kg in business volume of 211 lots.
In Singapore, silver tumbled as much as 7 per cent to USD 20.69 an ounce, the lowest level since October, 2010.
Analysts said weakening trend overseas as the US economy improved, hurting the precious metals’ appeal as a haven and declining holdings in exchange-traded products and subdued domestic demand, mainly put pressure on the silver prices at futures trade here. (PTI)
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