Tracking a weak global trend and strengthening rupee, silver futures prices today fell Rs 1,033, or 1.91 per cent, to Rs 53,084 per kg, as speculators trimmed positions.
At the Multi Commodity Exchange, silver prices for delivery in December plunged by Rs 1,033, or 1.91 per cent, to Rs 53,084 per kg in business turnover of 959 lots.
Similarly, the white metal prices for delivery in far-month March contracts lost Rs 937, or 1.69 per cent, at Rs 54,379 per kg in 16 lots.
Market analysts said a weak trend in the precious metals overseas on that the US Federal Reserve will start to pare stimulus from next week, and as a bid to avert military action in Syria eroded haven demand, mainly pulled down silver prices at futures trade.
Further, continued rise in the rupee value, making imports of dollar-quoted precious metals cheaper, also weighed on silver prices, they said.
Globally, silver for spot delivery sank 1.7 per cent to USD 23.31 an ounce, retreating for a second day in Singapore.