Silver tanked by Rs 467, or 0.89%, to Rs 51,761 per kg in futures trade today as speculators engaged in reducing their positions, taking cues from weak Asian markets.
At the Multi Commodity Exchange, December silver plunged by Rs 467, or 0.89%, to Rs 51,761 per kg in 2,554 lots.
The March contract declined by Rs 445, or 0.83%, to Rs 53,238 per kg, with a trading volume of 81 lots.
Analysts attributed the fall in silver prices in futures trade to a weakening trend in the Asian region as gains registered by the US dollar against the euro eroded demand for precious metals as an alternative investment.
Meanwhile, silver fell by 1% to $30.85 an ounce in the Asian region in early trade today.
