After hitting record highs, silver prices fell sharply by over 2 per cent to Rs 43,650 per kg in futures trade today, as speculators indulged in reducing their positions, tracking overseas markets.
At the Multi Commodity Exchange counter, silver for March declined by Rs 912, or 2.05 per cent to Rs 43,650 per kg, with a turnover of 9,305 lots.
Similarly, the white metal for delivery in May also dipped by Rs 900 to Rs 43,876 per kg, with an open interest of 14 lots, while delivery in July-month lost Rs 930, or 2.04 per cent to Rs 43,870 per kg, with a turnover of 14 lots.
Analysts said emergence of profit-booking by speculators, as prices soared to an all-time high amid weak trend in global markets, where strong dollar weighed on the precious metals, reducing appeal as an alternative investment, led to a fall in silver futures prices here.
\Meanwhile, silver traded lower by $1.87 to $28.86 an ounce in the Asian region.