Silver prices declined by Rs 157 to Rs 52,578 per kg in futures trade today after speculators reduced their positions amid a weakening trend overseas.
Also, slackened demand at domestic spot markets also put pressure on silver futures prices.
At the Multi Commodity Exchange, silver for delivery in September declined by Rs 157, or 0.30%, to Rs 52,578 per kg, with a business turnover of 2,940 lots.
Likewise, the white metal for delivery in December lost Rs 152, or 0.28%, to Rs 54,270 per kg in 95 lots.
Market analysts said besides sluggish demand in the spot market, a weakening trend overseas, as strengthening dollar eroded the appeal of the precious metal as a hedge against inflation, weighed on the silver prices at futures trade.
Meanwhile, silver traded 1.07% lower at USD 26.85 an ounce in Singapore today
