Silver prices on Thursday plunged by Rs 2,944 or 3.47 per cent to Rs 81,950 per kilogram on weaker global sentiments.
On the Multi Commodity Exchange, silver contracts for September delivery plummeted Rs 2,944 or 3.47 per cent to Rs 81,950 per kg in a business turnover of 27,605 lots.
Market analysts are seeing sharp declines in silver prices in the Asian markets amid weak sentiments, fuelled by mounting economic worries in China.
Globally, silver was trading 3.88 per cent lower at USD 28.18 per ounce in New York.
"Silver prices are unable to hold their gains due to weakness in the industrial metals and downbeat manufacturing activities in the US and the EU," Rahul Kalantri, VP of Commodities at Mehta Equities Ltd, said.
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