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Silver prices plunged over 5 per cent to slip below Rs 47,000 per kg level at the futures trade today as speculators indulged in trimming their positions, tracking weak overseas trend.
Besides, a weakening trend at the spot market due to subdued demand has put pressure on the white metal prices.
At the Multi Commodity Exchange, silver for delivery in May, plunged Rs 2,570 or 5.26 per cent to Rs 46,331 per kg after touching a low of Rs 46,079 with a turnover of 2,596 lots.
Similarly, silver for delivery in far-month July nosedived by Rs 2,898 or 5.75 per cent to Rs 46,979 per kg, with a business turnover of 57 lots.
Analysts said a weak trend in global markets, as investors reduced their holdings on hopes that the demand for safe haven assets would decline as the global economy improves, influenced silver futures here.
Meanwhile, in Singapore, the white metal prices tumbled 6.8 per cent to $24.24 an ounce, the lowest level since November 2010.
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