Silver prices declined by Rs 214 to Rs 1,07,771 per kilogram on Wednesday, as traders pared their positions at prevailing price levels.

On the Multi Commodity Exchange (MCX), silver contracts for September delivery slipped 0.2% to Rs 1,07,771 per kg, with a trading volume of 16,447 lots.

Analysts attributed the drop to profit booking by participants, which put pressure on prices.