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Silver prices fell sharply by Rs 801 to Rs 39,164 per kg in futures trade today as speculators indulged in offloading positions amid a weak global trend.
At the Multi Commodity Exchange, silver for delivery in March plunged by Rs 801, or 2%, to Rs 39,164 per kg in a business turnover of 927 lots.
Similarly, the white metal for delivery in far-month May lost Rs 772, or 1.90%, to Rs 39,845 per kg in 35 lots.
Market analysts said speculators trimmed positions in tandem with a weak global trend where precious metals retreated ahead of US Federal Reserve meet, influencing silver prices at futures trade here.
Meanwhile, silver fell by 0.6% to $17.81 an ounce in Singapore today.
