Silver prices tumbled by Rs 572 to Rs 54,679 per kg in futures trading today, as traders reduced their holdings, triggered by a weak trend at spot market on sluggish demand.
A weak trend overseas also influenced the trading sentiment.
At the Multi Commodity Exchange, silver for delivery in December tumbled by Rs 572, or 1.04%, to Rs 54,679 per kg, with a business turnover of 12,219 lots.
Likewise, the metal for delivery in March plunged by Rs 551, or 0.97%, to Rs 56,430 per kg in 972 lots.
Market analysts said traders reduced their positions, driven by fall in demand in the spot market amid weakening global trend mainly pulled down silver futures prices.
Meanwhile, silver fell by 0.7% to $31.65 an ounce in Singapore.