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Amid a weak trend overseas, silver prices drifted lower by 0.35 per cent to Rs 40,247 per kg at the futures trade as speculators reduced their holdings.
At the Multi Commodity Exchange, silver for delivery in July declined by Rs 140 or 0.35 per cent to Rs 40,247 per kg in a business turnover of 193 lots. On similar lines, the white metal for delivery in September shed Rs 130 or 0.32 per cent to Rs 40,820 per kg in 3 lots.
Globally, silver fell 0.27 per cent to $16.45 an ounce in Singapore. Market analysts said cutting down of positions by traders in tandem with a weak trend in precious metals in the global markets mainly weighed on silver prices at the futures trade.
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