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In the benchmark Mumbai’s Zaveri Bazaar, spot silver was trading at Rs 55,700 a kg, a decline of Rs 1,000 from the level of Rs 56,700 a kg with bill the previous day. Gold was also lower by Rs 300 in early Wednesday trade at Rs 29700 per 10g.
The contract of silver for delivery in April 2013 on the Multi Commodity exchange recorded 2.05% decline to trade at Rs 56,821 a kg while the same was traded at Rs 55,170 a kg for delivery in March this year.
“The previous metals may fall further in coming days with silver to see Rs 53,000 a kg and gold at Rs 29,000 per 10g,” said Lalit Jagawat, a bullion dealer in Mumbai.
In London, however, silver was traded at $29.53 an oz following the move of gold, which was quoted at $1,606 an oz in early Wednesday trade.
