Silver futures tumble on weak global cues

Silver futures tumbled by Rs 425 to Rs 59,411 per kg today as speculators offloaded their positions, triggered by a weak trend in overseas markets.

Trading sentiment in silver turned bearish after gold in London recorded its biggest drop since February 2010, as rising equities curbed demand for a protection of wealth and CME Group raised futures margins for a second time this month.
At the Multi Commodity Exchange, silver for delivery in September tumbled by Rs 425, or 0.71%, to Rs 59,411 per kg, with a business volume of 50,871 lots.
Similarly, the metal for delivery in December plunged by Rs 351, or 0.57%, to Rs 60,950 per kg, with a trade volume of 4,990 lots.
Meanwhile, silver fell by 0.4% to USD 39.57 an ounce in London.