New Delhi, April 9 Silver prices declined by Rs 2,895 to Rs 2.37 lakh per kilogram in futures trading on Thursday, driven by weak global trends and profit-booking after recent gains.
On the Multi Commodity Exchange, the white metal for May delivery fell by Rs 2,895, or 1.21 percent, to Rs 2,37,023 per kilogram in a trading volume of 5,793 lots.
Analysts said silver witnessed selling pressure following a sharp rally triggered by easing geopolitical tensions in the Middle East.
Silver saw a notable decrease on Thursday after a recent surge sparked by President Donald Trump's announcement of a two-week ceasefire between the US and Iran, which had eased inflationary pressures and supported precious metals, Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.
However, crude oil prices rebounded by nearly 4 percent to trade around USD 98 per barrel in the international market, driven by renewed supply concerns amid lingering geopolitical tensions which weighed on silver prices, he added.
In the overseas markets, Comex silver futures for the May contract fell USD 1.31, or nearly 2 percent, to USD 74.07 per ounce in New York.
Axis Securities in a note, said silver trimmed its early gains to trade near USD 73.9 per ounce in the global markets after rallying sharply following a ceasefire between Washington and Tehran.
The announcement includes the reopening of the Strait of Hormuz and the suspension of US military strikes on Iran's power plants and other civilian infrastructure, which initially supported precious metals before profit booking set in, the brokerage firm said.
