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Silver futures prices fell another 1.25 per cent to Rs 54,301 per kg today, extending its yesterday’s slide, as speculators engaged in off-loading positions amid a weak overseas trend and recovery in rupee’s value.
Analysts said besides a weak trend in the overseas markets on concerns over the US Fed scaling back its stimulus, recovery in the rupee, making dollar-quoted precious metals cheaper, put pressure on silver futures prices.
On the Multi Commodity Exchange, silver prices for delivery in December declined further by Rs 689 or 1.25 per cent to Rs 54,301 per kg in a turnover of 692 lots.
Similarly, the white metal prices for delivery in far-month March plunged by Rs 689 or 1.21 per cent at Rs 55,510 per kg in 10 lots.
Meanwhile, silver slid 0.2 per cent to $23.43 an ounce in Singapore today.
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