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Silver prices tumbled Rs 188 to Rs 39,533 per kg at the futures trade as speculators cut their holdings due to a weak trend overseas.
Silver for delivery in September was trading sharply lower by Rs 188 or 0.47 per cent at Rs 39,533 per kg in a business turnover of 1,042 lots at the Multi Commodity Exchange. On similar lines, the white metal for delivery in December slumped Rs 156 or 0.39 per cent to Rs 40,297 per kg with a business turnover of 431 lots.
In the international market, silver traded 0.43 per cent lower at $17.31 an ounce in Singapore today.
Market analysts said a weak trend in precious metals in global market as the dollar strengthened against a basket of major currencies, reducing the appeal for precious metals as a safe-haven, led to a steep fall in silver prices at the futures trade here.
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