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In Chennai (like other cosmopolitan cities like Mumbai or Delhi), the rate of silver is a reflection of the international silver rate.
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In India, this "not so precious metal" is traded mainly on the MCX or Multi-Commodity Exchange.
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However, its production in the country is minimal.
Hence, most of the internal demand has to be met through imports.
In Chennai, for buyers, silver has emerged not only as a metal for jewellery but also as a safe bet for savings in the short and long run.
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