Silver futures prices drifted by 0.74% to Rs 55,046 per kg today, after traders preferred to reduce their positions amid a weak trend in global markets.
On the Multi Commodity market, silver for December contract fell by Rs 409, or 0.74%, to Rs 55,046 per kg, with a business turnover of 2,372 lots.
The white metal for delivery in March lost Rs 498, or 0.70%, to Rs 56,820 per kg, with a business volume of 422 lots.
Market analysts attributed the fall in silver prices at futures trade to a subdued trend in overseas markets on renewed concern that Europe's debt crisis may not be contained after Moody's Investors Service said it may cut ratings for banks in the region.
Meanwhile, silver in Singapore fell 0.4% to $31.97 an ounce in early trade today.