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Silver futures plunged by more than 1 per cent during evening trade in the domestic market on Thursday as investors and speculators exited their positions in the precious metal as US dollar strengthened against a basket of other currencies after Fed Chair Janet Yellen advocated lifting the US interest rates gradually this year. 

Federal Reserve Chair Janet Yellen said on Wednesday that, with the US economy close to full employment and inflation headed toward the Federal Reserve's 2 per cent goal, it ‘makes sense’ for the US central bank to gradually lift interest rates. 

At the MCX, silver futures for March 2017 contract is trading at Rs 41,368 per kg, down by 1.50 per cent, after opening at Rs 41704, against a previous close of Rs 41997. It touched the intra-day low of Rs 41165.