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Silver prices nosedived by 1.78 per cent to Rs 54,200 per kg at the futures trading today as speculators engaged in reducing their positions, taking cues from weak global markets.
At the Multi Commodity Exchange, silver for delivery in December dipped by Rs 980 or 1.78 per cent to Rs 54,200 per kg with a business volume of one lot.
The metal for delivery in September shed Rs 931 or 1.71 per cent to Rs 53,480 per kg with a trade volume of one lot. Similarly, July contract lost Rs 865 or 1.62 per cent to Rs 52,851 per kg with an open interest of a single lot.
Analysts said the fall in silver futures was due to a weak trend in the Asian region as a stronger dollar eroded the appeal of precious metals as an alternative investment.
Meanwhile, the white metal plunged by 2.35 per cent to $34.47 an ounce in the Asian region.
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