Amid a weak trend overseas, silver prices dropped by 0.42 per cent to Rs 40,025 per kg in futures trade today as speculators cut down holdings.
At the Multi Commodity Exchange, Silver for delivery in July fell by Rs 170, or 0.42 per cent to Rs 40,025 per kg in business turnover of 1,074 lots.
In a similar fashion, the white metal for delivery in far-month September was trading lower Rs 159, or 0.39 per cent to Rs 40,600 per kg in 7 lots.
Market analysts said a weak trend in precious metals in the global markets and trimming of positions by participants at domestic spot market kept pressure on silver prices at futures trade.
Globally, silver shed 0.70 per cent at USD 16.31 an ounce in Singapore.
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