Silver prices dropped by Rs 123, or 0.42 per cent, to Rs 29,481 per kg in futures trade today, as traders reduced their positions on the back of weakening global trend.
At the Multi Commodity Exchange platform, silver for July contract dropped by Rs 123, or 0.42 per cent, to Rs 29,481 per kg, with an open interest of 3,653 lots.
Similarly, the metal for delivery in September contract fell by Rs 121, or 0.41 per cent, to Rs 29,486 per kg, with a trading volume of 13,182 lots.
Market analysts said fresh offloading by speculators amid weakening trend in overseas markets mainly led to a fall in silver prices.
Meanwhile, silver declined 0.5 per cent to $18.51 an ounce in Asian region.
