Taking weak cues from global market, silver prices were sharply down by 2.6 per cent to Rs 37,320 per kg at the futures trade today as speculators offloaded positions.
At the Multi Commodity Exchange, silver for delivery in March 2015 nosedived by Rs 995, or 2.60 per cent, to Rs 37,320 per kg in a business turnover of 2,887 lots.
Similarly, the white metal for delivery in May plunged by Rs 970, or 2.49 per cent, to Rs 38,000 per kg in 48 lots.
Analysts said trimming of positions by speculators amid a weak trend in the overseas market, where the white metal sank 4.99 per cent to $16.19 an ounce yesterday, as US manufacturing data that beat estimates supported the case for higher borrowing costs next year, put pressure on silver prices at the futures trade.