Silver prices declined by Rs 96 to Rs 56,330 per kg at the futures trade today, as traders reduced their positions on the back of weakening global trend.
At the Multi Commodity Exchange, silver for delivery in March declined by Rs 96, or 0.17 per cent to Rs 56,330 per kg with a business turnover of 8,617 lots. Likewise, the metal for delivery in May moved down by Rs 99 or 0.17 per cent to Rs 57,715 per kg in 412 lots.
Market analysts said traders reduced their positions on the back of weakening global trend, which mainly led to a decline in silver prices at the futures trade.
Meanwhile, the white metal shed 0.12 per cent to $33.64 an ounce in the Asian region.