Silver prices dipped 1.22 per cent in the afternoon trade on Multi Commodity Exchange (MCX) on lack of any buying support amid a weak global trend.

At 1300 hrs on the MCX, the precious metal for the July month contract fell by 1.22 per cent to Rs 21,340 per kg, recording a business volume of 760 lots.

Selling pressure gathered momentum following a weakening trend in the overseas markets as a rally in the dollar against leading currencies eroded demand for the precious metals as alternate investment.

Meanwhile, silver in the Asian region melted by 1.6 per cent to $12.71 an ounce.

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