Silver futures plummets on lower bet

Silver prices on Monday tumbled Rs 1,084 to Rs 90,515 per kilogram as participants reduced their bets. On the Multi Commodity Exchange, silver contracts for March delivery declined Rs 1,084 or 1.18 per cent to Rs 90,515 per kg in a business turnover of 22,127 lots. Analysts said a sell-off by participants at existing levels in the market mainly weighed on silver prices. Globally, silver was trading 1.01 per cent lower at $30.276 per ounce in New York.