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Amid profit-booking by speculators, silver prices dropped by Rs 62 to Rs 40,290 per kg at the futures trade today even as the metal strengthened overseas.
Silver for delivery in December was trading lower by Rs 62 or 0.15 per cent to Rs 40,290 per kg in a business turnover of 244 lots at the Multi Commodity Exchange (MCX). Silver traded 0.06 per cent higher at $17.24 an ounce in Singapore.
Market analysts said the fall in silver prices at the futures trade was mostly attributed to profit-booking by speculators at prevailing levels but the metal's gains in the overseas market on safe haven buying, minimised the losses.
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