Silver futures prices fell 1.67 per cent to Rs 56,413 per kg today as speculators offloaded positions due to a weakening trend in Asia.
At the Multi Commodity Exchange, silver for delivery in December fell Rs 960 or 1.67 per cent to Rs 56,413 per kg with a business turnover of 86 lots.
Similarly, the metal for delivery in March lost Rs 960 or 1.63 per cent to Rs 56,900 per kg with a trade volume of 82 lots.
Analysts said speculators reduced their positions on the back of a weak trend in the Asian region after firming dollar reduced the appeal for precious metals as an alternative investment, which led to the decline in silver futures prices.
Meanwhile, silver fell 1.3 per cent to $34.87 an ounce in Singapore.