Silver prices declined by 0.55 per cent in futures trade today as speculators and traders reduced their holdings on the back of a weakening global trend.
Fall in demand at existing higher levels also caused the downward slide.
The silver for delivery in May contract fell 0.55 per cent to Rs 20,976 per kg on the Multi Commodity Exchange in a trading volume of 3,191 lots and the July contract slipped 0.54 per cent to Rs 21,200 per kg in trading of 64 lots.
Marketmen said fresh selling by traders on reports of a weakening trend in global markets, mainly led to the fall in silver prices.
Silver in Asia fell by 0.2 per cent to $12.765 an ounce in the opening session, they said.