MUMBAI, June 11 (Reuters) - India silver futures may extend gains for a second month on the back of expectations of a weak dollar overseas and hopes of industrial demand amid an economic revival overseas, analysts said. The most active silver July contract MSVN9 was 0.36 percent lower at 23,491 rupees per kg at 6:00 p.m., retreating from the day's high of 23,738 rupees. The silver contract had gained over 15 percent in the previous month. "A weak dollar overseas and anticipation of good industrial demand could lead prices higher," said Harish Galipelli, head of research with Karvy Comtrade in Hyderabad. Buying is recommended at 23,000 rupees, with a target of 25,000 and with a stop loss of 22,300 rupees, added Galipelli. The white metal is usually influenced by gold as investors view all precious metals as one asset class. But the metal also takes a cue from base metals, particularly copper, as it is partly an industrial metal. The dollar fell broadly on Thursday, dented by concerns about rising levels of U.S. debt and the possibility central banks may diversify away from U.S. dollar assets. [USD/] The recent spate of economic data also revived optimism about a global economic revival, which may lead to demand recovery for the industrial metal. "Silver is still undervalued and has the potential to gain in the near-term. We anticipate prices to test 25,100 by the end of June," said Debjyoti Chatterjee, an associate vice-president with ADMISI Commodity.

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