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Silver prices fell sharply by Rs 801 to Rs 39,164 per kg at the futures trade today as speculators indulged in offloading positions amid a weak global trend.
On the Multi Commodity Exchange, silver for delivery in March plunged by Rs 801 or 2 per cent to Rs 39,164 per kg in a business turnover of 927 lots.
Similarly, the white metal for delivery in far-month May lost Rs 772 or 1.9 per cent to Rs 39,845 per kg in 35 lots.
Market analysts said speculators trimmed positions in tandem with a weak global trend where the precious metal retreated ahead of US Federal Reserve meet.
Meanwhile, silver fell 0.6 per cent to $17.81 an ounce in Singapore today.
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