New Delhi: Silver futures on Wednesday plunged Rs 524 to Rs 42,970 per kg as participants cut down their bets taking weak cues from overseas markets.

On the Multi Commodity Exchange, silver contracts for May delivery tumbled by Rs 524, or 1.2 per cent, to Rs 42,970 per kg in a business turnover of 3,675 lots.

Besides, the white metal to be delivered in July fell by Rs 477, or 1.09 per cent, to Rs 43,130 per kg in 665 lots.

In the international market, silver prices traded 0.18 per cent lower at $15.30 an ounce in New York.

Analysts said weak trends overseas mainly kept pressure on silver prices here.

Gold
Gold futures on Wednesday fell 0.49 per cent to Rs 44,861 per 10 gram as participants offloaded their holdings despite the metal gaining overseas.

On the Multi Commodity Exchange, gold prices for June delivery fell by Rs 220, or 0.49 per cent, to Rs 44,861 per 10 gram in a business turnover of 17,146 lots.

The yellow metal for August delivery declined by Rs 221, or 0.49 per cent, to Rs 45,009 per 10 gram in 105 lots.

Market analysts said the fall in gold futures was mostly in tune with weak spot demand.

Globally, gold was trading 2.50 per cent higher at $1,686.20 per ounce in New York.