Silver prices dropped by Rs 140, or 0.44 per cent, to Rs 31,372 per kg in futures trading today on reduced offtake and fall in demand at existing higher levels in the spot market.
At the Multi Commodity Exchange platform, silver for December dropped by Rs 140, or 0.44 per cent, to Rs 31,372 per kg, with an open interest of 32,103 lots.
The metal for delivery in March also fell by Rs 133, or 0.42 per cent, to Rs 31,491 per kg, with a business volume of 1,275 lots.
Analysts said reduced offtake due to fall in demand at existing higher levels and reports of weak trend in prices in global markets pulled down silver prices at futures market here.
Meanwhile, silver lost 0.25 per cent to $18.85 per an ounce in Asian region.