Silver prices fell by Rs 0.82, or 0.28 per cent to Rs 29,416 per kg in futures trading today due to reduced offtake at existing higher levels.
Weakening trend in overseas market also influenced the trading sentiment. At the Multi Commodity Exchange, silver for September contract lost Rs 82, or 0.28 per cent to Rs 29,416 per kg, with an open interest of 1,261 lots.
Similarly, the metal for delivery July contract shed Rs 65, or 0.22 per cent to Rs 29,328 per kg, with a business turnover of 15,825 lots.
Market analysts said reduced offtake in spot markets at existing higher level and reports of weakening trend in overseas market helped silver prices to trade lower.
Meanwhile, silver declined 0.16 per cent to $18.89 an ounce in the Asian region.