Silver prices dipped by 0.42 per cent to Rs 40,422 per kg in futures trading today as speculators cut down their bets, driven by a weak global trend. At the Multi Commodity Exchange, silver for delivery in September drifted lower by Rs 171, or 0.42 per cent to Rs 40,422 per kg in business turnover of 9 lots.
Likewise, the white metal for delivery in July contracts declined by Rs 118, or 0.29 per cent to Rs 39,932 per kg in 859 lots.
Analysts said offloading of positions by participants on the back of a weak trend overseas, mainly pulled down silver prices at futures trade.
Globally, silver fell 37 per cent to USD 17.34 an ounce in Singapore.