Silver Crashes Over Rs 100 on Weak Global Cues

By Dayafter Bureau, Agencies

Silver prices dropped by Rs 113 to Rs 42,331 per kg in futures trade today as participants cut down their bets amid a weak trend overseas. Globally, silver fell 0.68 per cent to USD 18.13 an ounce in New York yesterday.

At the Multi Commodity Exchange, silver for delivery in far-month July was trading lower by Rs 113, or 0.27 per cent, to Rs 42,331 per kg, in a business turnover of 115 lots.

Similarly, the white metal for delivery in May month declined by Rs 89, or 0.31 per cent, to Rs 41,809 per kg in a business volume of 557 lots.

Traders attributed the fall in silver prices at futures trade to a weak trend in precious metals in global markets and profit-booking by speculators