Silver prices on November 4 edged lower to Rs 61,448 per kg as participants increased their short positions as seen by the open interest. The precious metal extends decline in the afternoon session tracking the firm dollar.

The white metal had gained 1.25 percent yesterday on the COMEX.

Silver price is choppy along with gold as market players are trying to assess the US election outcome and its impact on the US stimulus plan as well as the economy.

The US dollar index trades higher at 93.91 levels up 0.37 percent against a basket of currencies.

Silver holdings in iShares ETF dropped 7.5 tonnes to 17,404.23 tonnes, a one-week low.

MCX iCOMDEX Bullion Index was down 154.85 points, or 0.98 percent, at 15,650.61 at 15:00. The index tracks the real-time performance of MCX Gold and MCX Silver futures.

Sriram Iyer, Senior Research Analyst at Reliance Securities, said, “International silver prices were weak this morning and afternoon trade in Asia tracking the strength of the US Dollar. Investors continued to have faith in the dollar over US election outcome concerns.”

Technically, LBMA Silver Spot has resisted 21-Daily Moving Average (DMA) which is placed at $24.23 levels; however, $23.68 holds support, below which will continue its downside momentum up to $23.00-$22.75 levels.

Domestic silver futures on MCX tracked international prices and was trading with losses.

In the futures market, silver for December delivery touched an intraday high of Rs 61,980 and a low of Rs 60,800 per kg on the 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 delivery for December contract fell Rs 1,237, or 1.97 percent to Rs 61,448 per kg at 15:05 hours with a business turnover of 13,922 lots. The same for the March contract eased Rs 1,307, or 2.03 percent, to Rs 63,100 per kg with a turnover of 2,088 lots.