Silver futures declined by 0.35% in the futures market as investors scaled back their bets on the precious metal.
The price of silver fell to Rs 2,26,792 per kilogram for September delivery, a drop of Rs 792 from previous prices.
Analysts point out that the sell-off by participants was the main factor behind the decline in silver prices.
Globally, silver traded down 0.73% at $61.59 per ounce in New York.
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