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Tracking a weak global trend and strengthening rupee, silver futures prices today fell Rs 1,033, or 1.91%, to Rs 53,084 per kg, as speculators trimmed positions.
At the Multi Commodity Exchange, silver prices for delivery in December plunged by Rs 1,033, or 1.91%, to Rs 53,084 per kg in business turnover of 959 lots.
Similarly, silver prices for delivery in far-month March contracts lost Rs 937, or 1.69%, at Rs 54,379 per kg in 16 lots.
Market analysts said a weak trend in the precious metals overseas on that the US Federal Reserve will start to pare stimulus from next week, and as a bid to avert military action in Syria eroded haven demand, mainly pulled down silver prices at futures trade.
Further, continued rise in the rupee value, making imports of dollar-quoted precious metals cheaper, also weighed on silver prices, they said.
Globally, silver for spot delivery sank 1.7% to $23.31 an ounce, retreating for a second day in Singapore.
