Domestic Silver Futures Tumble Over 5% To Rs 61,945

Silver Price: Domestic silver futures plunged more than 5 per cent on Thursday tracking a decline in global precious metal prices, after the US central bank signalled more support for the world's largest economy. Multi Commodity Exchange (MCX) silver futures - due for a September 4 delivery - declined by Rs 3,409 to Rs 61,945 at the weakest level recorded during the session, before recovering more than half of those losses. At 4:10 pm, MCX silver futures quoted at Rs 63,174, down Rs 2,180 or 3.34 per cent compared to their previous close. (Track Current Silver Price Here)

For the September 4 contract, the sharp fall in silver rates brought the average price of the contract down at Rs 63,464.93 on Thursday, from Rs 65,113.07 the previous day. (Also Read: Gold Futures Hold Rs 53,100 Mark)

The opening price of silver jewellery stood at Rs 63,260 per kilogram on Thursday, excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).

Precious metal prices in the country vary from state to state due to VAT or value added tax. Jewellery prices are arrived at by taking into account factors such as excise duty and making charges.

International silver prices were last seen trading 4.3 per cent lower at $23.36 per ounce, in line with a fall in metal rates. gold fell more than 1 per cent. 

The Federal Reserve kept key interest rates unchanged on Wednesday and offered no real clues about its next moves beyond a reiteration of easy monetary stance.