Taking weak cues from overseas markets, silver prices plunged by 0.51 per cent to Rs 42,400 per kg at the futures trade today, as participants cut down their bets.
Also, profit-booking at prevailing levels by speculators weighed on silver prices.
At the Multi Commodity Exchange, silver for delivery in far-month May dropped by Rs 217 or 0.51 per cent at Rs 42,400 per kg in a business turnover of 15 lots.
Similarly, the white metal for delivery in March was trading lower by Rs 181 or 0.43 per cent at Rs 41,850 per kg in 500 lots.
Traders said offloading of positions by participants at higher levels and a weak global trend mainly led to the fall in silver prices at the futures trade.
Globally, silver shed 0.34 per cent to $17.55 an ounce in Singapore.