Silver prices declined by Rs 1,304 to Rs 63,301 per kg in the futures trade today on profit-booking by speculators amid a weak Asian trend.
On the back of investors booking profits and shifting their funds to local equities that are witnessing an uptrend, influenced the market sentiment, dealers said.
On the Multi Commodity market, silver for December-month contract fell by Rs 1,304, or 2.01% to Rs 63,301 per kg in an open interest of 12,745 lots.
The white metal for March month contract lost 956, or 1.44% to Rs 65,001 per kg in a business volume of 275 lots.
Traders said the silver prices fell sharply on emergence of profit booking driven by a weak Asian trend and shifting funds to rising equity markets.
They said the precious metal fell in the upcountry markets, as a rebound in global equities trimmed demand of the metal by investors seeking to protect their wealth against declining currencies and economic turmoil.
Meanwhile, silver in Singapore fell 1.4% to $41.42 an ounce.