Silver, gold futures tumble in NY

Silver futures plunged more than 18 percent in New York on Friday.

Investors sold those futures on the New York Mercantile Exchange due to fear that a global economic slowdown might dampen demand for silver used in electronics devices and for other industrial purposes.

Silver futures briefly fell more than 18 percent, sinking below 30 dollars per ounce for the first time in 7 months.

Sell orders also swelled for gold futures, sending them down more than 6 percent at one point, reversing their previous gains earned as a safe haven.

The decline was attributable to a sharp fall in global share prices earlier this week, which apparently prompted investors to sell gold futures to secure cash and cover losses.

Market sources say the US Federal Reserve's announcement of its severe view of the country's economy on Wednesday sparked selling of previously rising financial assets.