Silver prices tumbled by Rs 3,704, or 5.98%, to Rs 58,180 per kg in futures trade today, as speculators reduced their positions amid a weakening global trend.
At the Multi Commodity Exchange, December silver plunged by Rs 3,704, or 5.98%, to Rs 58,180 per kg, with a business turnover of 37,709 lots.
The March contract declined by Rs 3,738, or 5.90%, to Rs 59,622 per kg, with a trade volume of 1,161 lots.
Analysts attributed fall in silver prices at futures to a weakening trend in global markets as strengthening dollar eroded demand for the precious metals as an alternative investment.
Meanwhile, silver lost 1.61% to $35.19 an ounce in the Asian region in early trade today, while plunged by 9. 54% to $35.84 an ounce in New York in yesterday's trade.