Silver prices witnessed a decline on Friday, dropping by Rs 333 to close at Rs 93,302 per kilogram, primarily due to traders reducing their market positions.
On India's Multi Commodity Exchange (MCX), silver futures contracts scheduled for delivery in March experienced a fall of Rs 333, or 0.36 per cent. The contracts settled at Rs 93,302 per kg in a trading session marked by a business turnover of 729 lots.
Market analysts attributed the decline to a sell-off triggered by participants booking profits at current market levels. The selling pressure in the domestic market reflected global trends, where silver futures prices also recorded losses.
Internationally, silver futures were trading lower by 1.11 per cent, priced at USD 31.76 per ounce in New York markets, highlighting a broader global downturn in silver demand and sentiment.
The downward movement signals cautious investor sentiment prevailing in both domestic and international commodity markets.
