Taking weak cues from the global market and profit-booking by speculators, silver futures prices on Wednesday fell sharply by Rs 1,973, or 3.33 per cent, to Rs 57,260 per kg.
Analysts said a weak trend in the overseas markets on mounting concern over the US Fed scaling back stimulus and profit-booking by speculators after recent gains, weighed on silver futures prices.
At the Multi Commodity Exchange, silver prices for delivery in December fell by Rs 1,973, or 3.33 per cent, to Rs 57,260 per kg in business turnover of 3,862 lots.
Similarly, the white metal prices for delivery in September lost Rs 1,831, or 3.20 per cent, at Rs 55,477 per kg in 31 lots.
Meanwhile, silver shed 1.85 per cent to USD 23.83 an ounce in Singapore today.