Silver ready dropped by Rs 550 to Rs 40,350 per kg and weekly-based delivery broke below the Rs 41,000-mark by plunging Rs 1,115 to trade at Rs 40,115 per kg.

Silver on MCX settled down -0.11% at 40086 tracking weakness from Comex Silver which slipped sharply from an 11-month peak after testing peak of $17.70, as a rebound in the dollar prompted traders to cash in earlier gains, while gold also fell from a five-week high hit after comments from the ECB drove the euro higher. The euro jumped as much as 1 percent against the dollar after ECB chief Mario Draghi said the bank's policies are working to stimulate economic recovery. However, it failed to maintain those gains, sparking a retracement across precious metals.

Silver also dropped by Rs 550 to Rs 40,350 per kg due to reduced offtake by industrial users.

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