Silver prices fell below Rs 34,000 level by slumping Rs 599 to Rs 33,601 per kg in futures trade in line with a weak trend overseas where the metal dropped to seven-month low.
At the Multi Commodity Exchange, silver for delivery in September dived by Rs 599, or 1.75 per cent to Rs 33,601 per kg in a business turnover of 927 lots.
Also, the metal for delivery in far-month December tumbled Rs 579 or 1.66 per cent to Rs 34,388 per kg in 31 lots.
Analysts said offlaoding of positions by speculators largely in tandem with a weak global trend where precious metals were routed after dollar sterngthened to three-month high against the euro amid prospects for higher US rates, reducing appeal of the precious metals as a safe haven, weighed on silver futures here.
Meanwhile, silver sank 2.3 per cent to USD 14.54 an ounce in Singapore today, the lowest level since December last year.
