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Silver prices tumbled Rs 474 to Rs 39,773 per kg at the futures trade as speculators cut holdings amid a weak trend overseas.
Silver for delivery in far-month December was trading sharply lower by Rs 474 or 1.18 per cent at Rs 39,773 per kg in a business turnover of1 1,110 lots at the Multi Commodity Exchange (MCX). The white metal for delivery in March slumped Rs 397 or 0.97 per cent to Rs 40,369 per kg in a business turnover of 106 lots.
In the international market, silver traded 0.53 per cent lower at $17.04 an ounce in Singapore today.
Market analysts attributed the slump in white metal prices to a weak trend overseas as a strong US dollar curbed the demand for the precious metals, considered as a safe haven investment.
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