After remaining firm for the last three days, silver prices dropped by 0.81 per cent on the Multi Commodity Exchange (MCX) today due to reduced offtake in the spot market at existing higher levels.
At 1250 hrs, silver for the most active September month contract declined 0.81 per cent to Rs 22,534 per kg with an open interest of of 7,091 lots.Similarly, silver for delivery in July contract fell by 0.75 per cent to Rs 22,435 per kg with an open interest of 10,163 lots.
Marketmen said reduced offtake in the spot market at existing higher levels mainly pulled down silver prices at futures market here.
