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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 weak trend overseas.
At the Multi Commodity Exchange, 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.
September contract fell Rs 1,728 or 4 per cent to Rs 41,436 per kg in a business volume of 211 lots.
In Singapore, the white metal tumbled as much as 7 per cent to $20.69 an ounce, the lowest level since October 2010.
Analysts said a weak trend overseas as the US economy improved, hurting the precious metals’ appeal as a safe haven, and declining holdings in exchange-traded products and subdued domestic demand, mainly put pressure on silver prices at the futures trade here.
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