Silver prices nosedived by 1.17 per cent to Rs 53,010 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 July dipped by Rs 625, or 1.17 per cent, to Rs 53,010 per kg, with a business volume of 6,107 lots.
The metal for delivery in September also moved down by Rs 628, or 1.14 per cent, to Rs 54,426 per kg, with a trade volume of 307 lots.
Analysts said the fall in silver futures was due to a weak trend in the Asian region as a stronger dollar eroded the appeal of precious metals as an alternate investment.
Meanwhile, silver fell by 0.30 per cent to USD 28.05 an ounce in the Asian region, the lowest price since January 3.
