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Silver prices on Monday fell by Rs 1,955 to Rs 2,40,489 per kilogram in futures trade as participants reduced their bets.
On the Multi Commodity Exchange, silver contracts for December delivery declined by Rs 1,955, or 0.81 per cent, to Rs 2,40,489 per kg in a business turnover of 2,004 lots.
Analysts said a sell-off by participants mainly weighed on silver prices.
Globally, the white metal was trading 1.04 per cent down at USD 68.22 per ounce in New York.