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Tracking a weak trend in the precious metals overseas, silver prices plunged by Rs 496 to Rs 37,662 per kg in futures trade today as speculators reduced their exposures.
At the Multi Commodity Exchange, silver for delivery in March fell by Rs 496, or 1.30%, to Rs 37,662 per kg in business turnover of 892 lots.
On the similar lines, the white metal for delivery in far-month May declined by Rs 447, or 1.15%, to Rs 38,344 per kg in business volume of 24 lots.
According to marketmen, a steep fall in silver prices at futures trade was mostly in tandem with a weak trend in precious metals in global markets.
In the international market, silver fell 1.4% to $16.81 an ounce in Singapore.
