Silver prices declined in futures trading today as a profiteer locked in profits at prevailing levels even as metal edged higher overseas.
The short-term outlook for the silver futures contract traded on the Multi Commodity Exchange (MCX) is bullish. However, such a sharp fall looks unlikely at the moment.
At the Multi Commodity Exchange futures trading, silver for delivery in May moved down by Rs 92, or 0.25 per cent, to Rs 37,038 per kg.
On the global front, the short-term outlook for the spot silver is also bullish. On the Comex, silver futures for July delivery shed 3.8 cents, or 0.23%, to trade at $16.40 a troy ounce. The price dipped below $16 last week.
Meanwhile, silver spot traded 0.1 per cent higher at $16.42 an ounce in Singapore today.
Silver prices climbed at the bullion market on positive global cues. Silver ready also recorded a hefty rise of Rs 850 to Rs 37,750 per kg and weekly-based delivery by Rs 575 to Rs 37,115 per kg. Silver coins also spurted by Rs 1,000 to Rs 56,000 for buying and Rs 57,000 for selling of 100 pieces.