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Silver prices tumbled Rs 426 to Rs 38,440 per kg at the futures trade today as speculators cut down their bets, taking weak cues from global market.
Silver futures for delivery in July was down by Rs 426 or 1.10 per cent to Rs 38,440 per kg at the Multi Commodity Exchange. It clocked a business volume of 390 lots.
The white metal for delivery in far-month September fell Rs 414 to trade at Rs 39,130 per kg in a business turnover of 11 lots.
Market analysts said offloading of positions by traders, tracking weakness in the precious metals overseas as the prospect of higher borrowing costs in the US damped the appeal for non-interest-bearing assets, mainly pulled down silver prices at the futures trade.
In the international market, silver traded 1.82 per cent lower at $15.90 an ounce in Singapore.
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