Silver prices tumbled by Rs 1,218 to Rs 51,575 per kg in futures trade today as speculators off-loaded their positions on weak trend in overseas markets.
At the Multi Commodity Exchange, silver for delivery in September tumbled by Rs 1,218, or 2.31%, to Rs 51,575 per kg, with a business turnover of 2,821 lots.
Similarly, the metal for delivery in July plunged by Rs 1,168, or 2.25%, to Rs 50,672 per kg, with an open interest of 19,376 lots.
Traders said heavy off-loading by speculators on the back of a weak trend in overseas markets mainly pulled down silver prices at futures trade.
Meanwhile, silver dropped 1.8% to $33.68 an ounce in the Asian region.