Silver prices nosedived by 3.03% to Rs 53,061 per kg in futures trading today as speculators engaged in off-loading positions in tandem with a weakening global cues.
At the Multi Commodity Exchange, silver for delivery in September dipped by Rs 1,659, or 3.03% to Rs 53,061 per kg, with a business volume of 464 lots.
Similarly, the metal for delivery in July dropped by Rs 1,627, or 3% to Rs 52,386 per kg, with a business turnover of 7,824 lots.
Market analysts said heavy selling by speculators in tandem with a weakening global trend as a strengthening dollar reduced demand for the precious metal.
Meanwhile, silver declined by 0.72% to $34.57 an ounce in Asian region today.
The white metal prices have tumbled 34% since April 25, when it touched a record high of $49.79 an once, as Comex owner CME Group raised the cost of making new speculative positions.
