Taking weak cues from global markets as a stronger dollar reduced appeal for precious metals, silver prices fell by over one% to Rs 53,783 per kg at futures trade today.
On the Multi Commodity market, March silver fell by Rs 449, or 1.01%, to Rs 53,783 per kg, with a business turnover of 2,244 lots.
The May contract lost Rs 537, or 0.97%, to Rs 54,998 per kg, with a business volume of 88 lots.
Market analysts attributed the fall in silver futures prices to a weakening trend in overseas markets, as the strengthening dollar against the euro on renewed worries in the euro-zone on debt crisis, curbed demand for precious metals as an alternative investment.
Meanwhile, silver in Singapore fell 0.45% to $28.83 an ounce in early trade today.