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Silver futures prices dropped by Rs 597 to Rs 53,795 per kg today on slackened spot demand amid a weak trend in overseas markets.
At the Multi Commodity Exchange, silver for delivery in July dropped by Rs 597 or 1.1 per cent to Rs 53,795 per kg with a business turnover of 9,863 lots. Similarly, September contract moved down by Rs 583 or 1.05 per cent to Rs 55,183 per kg in 493 lots.
Analysts said sluggish demand in the spot market and a weak trend in overseas markets mainly kept pressure on silver prices at the futures trade.
Meanwhile, the white metal lost 1.7 per cent to $27.71 an ounce in Singapore.
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