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    Precious metals: Silver, gold futures plunge on weak global cues

    Synopsis

    Analysts said weak trends in overseas markets mainly kept pressure on silver prices in the domestic market.

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    Similarly, silver for September delivery fell by Rs 62, or 0.12 per cent, to Rs 49,797 per kg in a business turnover of 944 lots.

    Commodity Summary

    MCX
    New Delhi: Silver futures on Wednesday plunged by Rs 71 to Rs 49,009 per kg as participants reduced their bets on weak global cues.

    On the Multi Commodity Exchange, silver contracts for July delivery tumbled by Rs 71, or 0.14 per cent, to Rs 49,009 per kg in a business turnover of 12,128 lots.

    Similarly, silver for September delivery fell by Rs 62, or 0.12 per cent, to Rs 49,797 per kg in a business turnover of 944 lots.

    Analysts said weak trends in overseas markets mainly kept pressure on silver prices in the domestic market.

    Meanwhile, in the international market, silver prices traded 0.30 per cent lower at USD 18.20 an ounce in New York.

    Gold
    Gold futures on Wednesday fell 0.42 per cent to Rs 46,600 per 10 gram as participants offloaded their holdings following weak trend overseas.

    On the Multi Commodity Exchange, gold prices for June delivery fell by Rs 196, or 0.42 per cent, to Rs 46,600 per 10 gram in a business turnover of 28 lots.

    The yellow metal for August delivery declined by Rs 60, or 0.13 per cent, to Rs 46,498 per 10 gram in 15,044 lots.

    In New York, gold was trading 0.31 per cent down at USD 1,728.60 per ounce.
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