Silver prices fell by Rs 354, or 1.21 per cent, to Rs 28,988 per kg in futures trade today due to fresh selling at spot markets triggered by a weakening trend overseas.
At the Multi Commodity Exchange, silver for far-month March contract fell by Rs 354, or 1.21 per cent, to Rs 28,988 per kg, with an open interest of 19 lots.
Similarly, the metal for delivery in near-month July contract declined by Rs 114, or 0.40 per cent, to Rs 28,424, with a business turnover of 11,672 lots.
Analysts said, fresh selling by traders in tandem with a weakening global trend led to a fall in silver prices at futures markets.
Meanwhile, silver lost 3.13 per cent, to $17.63 an ounce in New York last evening.