Silver futures crashes by 5.98 per cent on weak global cues

Silver prices tumbled by Rs 3,704, or 5.98 per cent, to Rs 58,180 per kg in futures trade on Friday, as speculators reduced their positions amid a weakening global trend.

At the Multi Commodity Exchange, silver for delivery in December plunged by Rs 3,704, or 5.98 per cent, to Rs 58,180 per kg, with a business turnover of 37,709 lots.

Similarly, the metal for delivery in March declined by Rs 3,738, or 5.90 per cent, to Rs 59,622 per kg, with a trade volume of 1,161 lots.

Analysts attributed fall in silver prices at futures to a weakening trend in global markets as strengthening dollar eroded demand for the precious metals as an alternative investment.

Meanwhile, silver lost 1.61 per cent to$35.19 an ounce in the Asian region in early trade on Friday, while plunged by 9. 54 per cent to $35.84 an ounce in New York in Thursday's trade.