Silver prices edged lower to Rs 67,900 per kg on September 3 as participants increased their short positions. The precious metal declined 4.3 percent on the COMEX on September 2, weighed down by a rebound in the US Dollar Index.
Silver holdings in iShares ETF fell by 73.57 tonne to 17,781.05 tonne as investors booked profit.
In the futures market, silver for December delivery touched an intraday high of Rs 68,855 and a low of Rs 66,400 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the precious metal has touched a low of Rs 49,415 and a high of Rs 79,723.
Silver futures for December delivery slipped Rs 354, or 0.52 percent, to Rs 67,900 per kg at 14:31 hours on a business turnover of 15,703 lots. The same for March delivery eased Rs 219, or 0.31 percent, to Rs 70,300 per kg on a turnover of 123 lots.
The value of December and March’s contracts traded so far is Rs 2,011.90 crore and Rs 6.08 crore, respectively.
The spot gold-to-silver ratio currently stands at 71.09 to 1, which means the amount of silver required to buy one ounce of gold.
"Silver may witness choppy trade as gold struggles for direction. However, we may see buying emerge at lower levels amid improved outlook for industrial demand and a weaker outlook for the dollar," said Kotak Securities.
At 09:06 (GMT), the precious metal was marginally up 0.08 percent at $27.41 an ounce in New York.
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