Silver prices fell by Rs 47, or 0.15 per cent, to Rs 31,101 per kg in futures market today on emergence of profit-selling at existing higher levels, driven by fall in demand at spot markets.
Weakening trend in Asian region also influenced the trading sentiment.
At the Multi Commodity Exchange counter, silver for September-month fell by Rs 47, or 0.15 per cent, to Rs 31,101 per kg, with an open interest of 1,758 lots.
Similarly, the metal for delivery in December-month lost Rs 16, or 0.05 per cent, to Rs 31,040 per kg, with an open interest of 30,731 lots.
Market analysts said, beside profit selling by speculators at existing higher levels, influenced by fall in demand in the spot market mainly led to a decline in silver prices.
Weakening trend in Asian region also put pressure on the silver prices, they said.
Meanwhile, silver in the Asian region shed 0.36 per cent to $19.58 an ounce.