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Tracking a weak trend overseas, silver prices drifted lower by 0.87 per cent to Rs 37,785 per kg at the futures trade today as speculators reduced their exposure.
At the Multi Commodity Exchange, silver for delivery in September dropped by Rs 331 or 0.87 per cent to Rs 37,785 per kg in a business turnover of 601 lots. On similar lines, the white metal for delivery in December moved down by Rs 296 or 0.77 per cent to Rs 38,324 per kg in 17 lots.
Analysts said offloading of positions by participants in step with a weak trend in the precious metals overseas, mainly led to a decline in silver prices at the futures trade.
Globally, silver fell 0.27 per cent to $16.51 an ounce in Singapore.
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