Prices of silver futures tumbled on Tuesday as speculators reduced positions amid weakness in global markets, as traders continued to monitor the direction of the dollar for measuring the appeal of the precious metal.
Silver futures for delivery in May down Rs 309, or 0.81 percent. Prices touched a session high of Rs 38140 and low of Rs 37825. So far 2087 futures contracts have been traded on the Multi Commodity Exchange.
Snapping its four-day rising streak at Delhi bullion market, silver ready dropped by Rs 500 at Rs 38,000 per kg and weekly-based delivery by Rs 290 at Rs 37,890 per kg. Silver coins, however, continued to be traded at the last level of Rs 57,000 for buying and Rs 58,000 for selling of 100 pieces.
On the Comex, silver futures for May delivery dropped 23.7 cents, or 1.39%, to trade at $16.87 a troy ounce in New York. Meanwhile, silver dropped 0.5% to $16.91 an ounce in Singapore.