Taking weak cues from the global market, silver prices declined by 0.14 per cent to Rs 38,407 per kg in futures trade today as participants reduced their exposure.
At Multi Commodity Exchange, silver for delivery in September fell by Rs 53, or 0.14 per cent, to Rs 38,407 per kg in a business turnover of 278 lots.
Likewise, the white metal for delivery in December contracts traded lower by Rs 50, or 0.13 per cent, to Rs 39,050 per kg in three lots.
Analysts attributed the fall to a weak trend in the precious metals overseas and profit-booking by participants.
Globally, silver was trading 0.30 per cent down at USD 16.68 an ounce in Singapore.
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