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Silver prices slumped by Rs 184 per kg to Rs 40,980 per kg at the futures trade as speculators cut down their bets at the prevailing levels amid a weak trend in global markets.
Silver for delivery in December was trading sharply lower by Rs 184 or 0.45 per cent at Rs 40,980 per kg in a business turnover of 645 lots at the Multi Commodity Exchange. Similarly, the metal for delivery in March declined by Rs 129 or 0.31 per cent to Rs 41,570 per kg in a business of two lots.
In the international market, silver slumped 0.31 per cent to $17.70 an ounce in Singapore today.
Analysts attributed the fall in silver prices to offloading of positions following a weak trajectory in global markets as rising equities and strengthening of dollar reduced the demand for the precious metals a safe-haven investment.
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