Silver dipped by Rs 402 to Rs 53,546 per kg in futures trading today as speculators reduced their positions due to a weakening global trend.
At the Multi Commodity Exchange, silver for July delivery dipped by Rs 402, or 0.75%, to Rs 53,546 per kg, with a business turnover of 10,401 lots.
September delivery plunged by Rs 380, or 0.69%, to Rs 54,400 per kg, with an open interest for 540 lots.
Market analysts said speculators offloaded their positions, driven down by a weakening global trend, led to fall in silver futures prices.
Meanwhile, silver fell by 0.5% to $35.57 an ounce in the Asian region.