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Silver prices fell by Rs 253 to Rs 37,465 per kg in futures trade today as speculators reduced positions amid overnight weakness in global markets.
At the Multi Commodity Exchange, silver for delivery in May lost Rs 253, or 0.67%, to Rs 37,465 per kg, with a turnover of 68 lots.
Similarly, silver for delivery in March dropped by Rs 237, or 0.63%, to Rs 37,170 per kg, in a business turnover of 1,208 lots.
Marketmen said a weak trend in global markets as strengthening dollar and prospects for higher US interest rates have curbed the precious metal's appeal as a protection of wealth, put pressure on silver futures here.
Meanwhile, silver dropped 0.71% to $16.79 an ounce in New York in yesterday's trade.
