Monitoring a feeble tendency of overseas precious metals, silver prices declined 1.51% to Rs 44,470 per kg in futures trading today as speculators reduced their exposures.
At MCX, silver for March delivery contracts dropped by Rs 686, or 1.51%, at 44,470 rupees per kg in the turnover of 683 lots.
Similarly, the white metal for delivery in May fell by Rs 260, or 0.56 percent, at 45,830 rupees per kg in turnover of 7 lots.
Market observers said a moderately trend overseas, as some investors lost faith in the precious metals as a safe haven investment, amid a surge in U.S. stocks and the economy improved, which led the Federal Reserve to cut its USD 85 billion in monthly purchases of bonds, attributed the fall in silver prices in futures trade here.
In the international marketplace, silver down by 1 percent to U.S. $ 19.88 an ounce in Singapore.