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Silver prices plunged by Rs 573 to Rs 40,475 per kg at the futures trade today as speculators reduced their exposure, tracking a weak trend overseas.
At the Multi Commodity Exchange, silver prices for delivery in July traded sharply lower by Rs 573 or 1.4 per cent to Rs 40,475 per kg in a business turnover of 21,608 lots.
Similarly, the white metal prices for delivery in far-month September contract slumped Rs 566 or 1.36 per cent to Rs 41,162 per kg in a business volume of 527 lots.
In the international market, silver fell 0.65 per cent at 16.77 an ounce in Singapore.
Analysts attributed the fall in silver prices at the futures trade to a weak trend in global markets on concerns that the Federal Reserve may raise interest rates as soon as June after the possibility was flagged in the minutes of its meeting last month boosted the dollar, reducing the appeal for precious metals.
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