Silver prices fell sharply on Tuesday, declining Rs 460 to Rs 94,787 per kilogram, as traders booked profits following recent gains.

On the Multi Commodity Exchange (MCX), May delivery contracts dipped by 0.48% or Rs 460, with a trading volume of 14,692 lots.

Analysts attributed the decline to a wave of profit booking by investors at current price levels, which pressured silver prices in the futures market.