Silver prices declined by Rs 117 to Rs 53,557 per kg in futures trade today after speculators reduced their positions amid slackened demand at prevailing levels in the spot market.

At the Multi Commodity Exchange, silver for delivery in September declined by Rs 117, or 0.22%, to Rs 53,557 per kg, with a business turnover of 6,818 lots.

Likewise, the white metal for delivery in December lost Rs 116, or 0.21%, to Rs 55,149 per kg in 279 lots.

Market analysts said sluggish demand in the spot market helped silver prices to fall in futures trade.