Silver futures prices fell by Rs 723, or 1.99 per cent, to Rs 35,551 per kg today, as speculators indulged in booking profits at existing higher levels amid weak overseas trend.
At the Multi Commodity Exchange platform, the silver for December delivery fell by Rs 723, or 1.99 per cent, to Rs 35,551 per kg, with a business volume of 12,376 lots.
The metal for delivery in March lost Rs 693, or 1.90 per cent, to RS 35,713 per kg, clocking a business volume of 833 lots, while May contract fell Rs 473, or 1.30 per cent, to Rs 35,871 per kg, with a business volume of 47 lots.
Marketmen said the selling pressure gathered momentum on reports of a fall in its prices in the international markets on a sharp rebound in dollar, reduced demand as an alternate investment.
The silver in overseas markets, which normally set prices in domestic markets, fell 1.5 per cent to $23.96 an ounce, after touching $24.92 on October 14, the highest level for 30 years.
They said reduced offtake in domsetic markets at existing higher levels also effected the trading sentiment in futures trade.