Silver prices dropped by Rs 366 to Rs 53,744 per kg in futures market today as speculators reduced their positions,taking cues from weak global markets.
At the Multi Commodity Exchange,silver for delivery in July dropped by Rs 366,or 0.68 per cent,to Rs 53,744 per kg,with a business turnover of 7,166 lots.
Likewise,the metal for delivery in September lost Rs 346,or 0.62 per cent,to Rs 55,170 per kg in 378 lots.
Analysts attributed to the fall in silver futures to a weak trend in global markets. Meanwhile,silver fell 0.6 per cent to USD 27.54 an ounce in Singapore.