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Friday, 19 September 2014

MCX Silver futures down over 1% at Rs 40,520 on global cues

In the midst of weakening trend overseas, mcx silver prices dropped more than 1% to Rs 40,520 per kg in futures trading today as speculators trimmed trade positions.

At the Multi Commodity Exchange, silver futures delivery in far-month December traded lower by Rs 409, or 1.01 per cent, to Rs 40,520 per kg. Market analysts said silver dropped into domestic and world futures markets after the Federal Reserve raised its interest rates this week, the dollar strengthened.

Silver futures delivery in December fell 0.4 percent to $18.445 an ounce in New York Comex exchange. It reached $18.27 yesterday, the lowest since June 2013.

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