Silver prices tumbled by Rs 1,218 to Rs 51,575 per kg in futures trade on Monday as speculators off-loaded their positions on weak trend in overseas markets.
At the Multi Commodity Exchange, silver for delivery in September tumbled by Rs 1,218, or 2.31 per cent, to Rs 51,575 per kg, with a business turnover of 2,821 lots.
Similarly, the metal for delivery in July plunged by Rs 1,168, or 2.25 per cent, to Rs 50,672 per kg, with an open interest of 19,376 lots.
Traders said heavy off-loading by speculators on the back of a weak trend in overseas markets mainly pulled down silver prices at futures trade.
Meanwhile, silver dropped 1.8 per cent to USD 33.68 an ounce in the Asian region.