Silver futures tumble 6% (Rs 3,224, or 6%, to Rs 50,502 per kg) on weak Asian cues

Metallic tanked by Rs 3, 224, or even 6%, to Rs 50, 502 per kg in futures industry today as speculators engaged in reducing their positions after prices from the precious metal tumbled by over 8% within the Asian region.

At the Multi Item Exchange, December silver plunged by Rs 3, 224, or even 6%, to Rs 50, 502 for each kg, with a business turnover associated with 203 lots.

The March contract rejected by Rs 3, 303, or 6%, in order to Rs 51, 752 per kg, having a trade volume of 11 lots.

Analysts attributed the steep fall within silver prices in futures trade to some weakening trend in the Asian area on speculation that European governments will find it hard to contain the region's debt crisis and reverse gains registered through the US dollar against the euro, eroding the demand for precious metals as a substitute investment.

Meanwhile, silver tumbled by 8. 60% in order to $28. 27 an ounce in the actual Asian region in early trade these days.

Source : Business-Standard