Taking weak cues from global market, silver prices tumbled by Rs 116 to Rs 39,761 per kg at the futures trade today as participants engaged in cutting down their bets. Moreover, profit-booking also put pressure on silver prices.
At the Multi Commodity Exchange, silver for delivery in December was trading lower by Rs 116 or 0.29 per cent at Rs 39,761 per kg in a business turnover of 358 lots. The white metal for delivery in March next year too lost Rs 104 or 0.26 per cent to Rs 40,344 per kg in a business volume of 2 lots.
In the international market, silver was trading 0.22 per cent down at $16.99 an ounce in Singapore.
Marketmen attributed the fall in silver prices at futures trade to a weak trend in precious metals overseas as dollar's strength eroded the demand for precious metals as a haven.