Amid a weak trend in the Asian region and appreciating rupee, silver prices nosedived by Rs 1,205 or 2.38 per cent to trade at Rs 49,471 per kg at the futures trade today as speculators engaged in reducing their exposure.
On the Multi Commodity Exchange, silver for delivery in December traded lower by Rs 1,205 or 2.38 per cent at Rs 49,471 per kg in a business turnover of 2,742 lots.
In a similar fashion, the white metal for delivery in March fell Rs 1,154 or 2.23 per cent to trade at Rs 50,593 per kg in 33 lots.
Market analysts said the fall in silver prices at the futures trade was mostly attributed to a weak trend in the Asian region amid speculation that the US Federal Reserve will start to pare stimulus as the economy improves.
Meanwhile, the white metal fell 1.93 per cent to $21.84 an ounce in Singapore.