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Silver down on weak global cues

Silver futures closed lower in the local market on Tuesday as speculators cut down their bets amid a weak trend overseas. Market analysts said offloading of positions in tandem with a weak trend in precious metals in global markets kept pressure on silver prices at the futures trade. At the MCX, Silver futures for September 2016 contract closed at Rs 44,015, per 1 kg, down by 0.79 per cent after opening at Rs 44,219, against the previous closing price of Rs 44,367. It touched the intra-day low of Rs 43,916.