Silver prices declined by Rs 120 to Rs 55,800 per kg in futures market today due to reduced offtake by traders on the back of a weak trend in the overseas markets.
Silver in international and domestic markets was dragged down by Eurozone concerns, which threatens to pull the euro down against the dollar. A firm dollar makes import of dollar-denominated commodities cheaper to import.
At the MCX, silver for delivery in May shed Rs 120, or 0.21%, to Rs 55,800 per kg in business turnover of 6,146 lots.
The July contract lost Rs 110, or 0.19%, to touch Rs 57,485 per kg in 286 lots.
Analysts believe, reduced offtake by traders on the back of a weakening global trend mainly led to decline in silver futures prices.
In the international markets, silver fell by 0.4% to $31.36 an ounce in Singapore.
