Silver prices nosedived by 1.78% to Rs 54,200 per kg in futures trading today as speculators engaged in reducing their positions, taking cues from weak global markets.
At the Multi Commodity Exchange, silver for delivery in December dipped by Rs 980, or 1.78% to Rs 54,200 per kg, with a business volume of one lot.
The metal for delivery in September shed Rs 931, or 1.71% to Rs 53,480 per kg, with a trade volume of one lot.
Similarly, its prices for delivery in July lost Rs 865, or 1.62% to Rs 52,851 per kg, with an open interest of a single lot.
Analysts said the fall in silver futures was due to a weak trend in Asian region as a stronger dollar eroded the appeal of precious metals as an alternate investment.
Meanwhile, silver plunged by 2.35% to $34.47 an ounce in Asian region.
