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Taking weak cues from global markets and subdued spot demand, silver futures prices today fell by 0.21 per cent to Rs 58,919 per kg as speculators trimmed their positions.
At the Multi Commodity Exchange, silver for delivery in May fell by Rs 123, or 0.21 per cent, to Rs 58,919 per kg in a business turnover of 54 lots.
Similarly, the metal for delivery in March traded lower by Rs 103, or 0.18 per cent, to Rs 57,626 per kg with a volume of business of 1,114 lots.
Analysts attributed the fall in silver futures prices to a weak trend in global markets as optimism that the US economy is recovering and lawmakers will reach a budget deal dampened demand for the metal as a protection of wealth.
Meanwhile, in Singapore, silver prices dropped by 0.2 per cent to $29.89 an ounce.
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