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Silver tanked by Rs 467 or 0.89 per cent to Rs 51,761 per kg at the futures trade today as speculators engaged in reducing their positions, taking cues from weak Asian markets.
At the Multi Commodity Exchange, silver for delivery in December plunged by Rs 467 or 0.89 per cent to Rs 51,761 per kg in 2,554 lots. Similarly, the metal for delivery in March declined by Rs 445 or 0.83 per cent to Rs 53,238 per kg with a trading volume of 81 lots.
Analysts attributed the fall in silver prices at the futures trade to a weakening trend in the Asian region as gains registered by the US dollar against the euro eroded the demand for precious metals as an alternative investment.
Meanwhile, the white metal fell 1 per cent to $30.85 an ounce in the Asian region in early trade today.
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