"silver-prices"

The duty on gold and silver has been reduced to 6 per cent, leading to an immediate impact on prices.

On the Multi Commodity Exchange, silver contracts for September delivery declined by Rs 138 or 0.19 per cent to Rs 73,430 per kg in a business turnover of 7,628 lots.

Last week, there were messages on the Reddit forum WallStreet Bets and other places on social media encouraging small investors to buy silver. The metal shot up Monday, but many of the online investors said it wasn't them bidding up the price.

The yellow metal had closed at Rs 50,610 per 10 gram in the previous trade.

Silver prices also jumped Rs 694 to Rs 65,699 per kilogram from Rs 65,005 per kilogram in the previous trade.