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Continuing its downslide, silver prices fell 0.56 per cent to trade at Rs 51,401 per kg at the futures trade today as participants engaged in reducing their positions amid a weak trend in the global market.
On the Multi Commodity Exchange, silver for delivery in far-month March traded lower by Rs 286 or 0.56 per cent at Rs 51,401 per kg in a business turnover of 19 lots. In a similar fashion, the white metal for delivery in December fell Rs 265 or 0.49 per cent to Rs 50,230 per kg in 1,248 lots.
Market analysts said offloading of positions by speculators following a weak trend overseas, ahead of the US Federal Reserve meet to consider tapering its monthly asset purchases, put pressure on the silver futures prices here.
Meanwhile, the white metal fell 0.18 per cent to $21.70 an ounce in Singapore today.
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