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Tracking a weak trend overseas, silver prices fell sharply by 1% to Rs 38,320 per kg in futures trade today as speculators indulged in offloading positions.
At the Multi Commodity Exchange, silver for delivery in March next year contracts lost Rs 387, or 1.00%, to Rs 38,320 per kg with a turnover of 648 lots.
Also, silver for delivery in far-month May contracts was trading Rs 395, or 0.98% down at Rs 38,951 per kg in a bsuiness volume of 10 lots.
Market participants said the fall in silver futures was mostly due to a weakening trend in global markets before the Federal Reserve meets to assess a pledge to keep borrowing costs low for a considerable time and provide guidance on the outlook for monetary policy.
Meanwhile, in Singapore, silver fell 1.00% to $16.87 an ounce.
