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Silver futures tumbled by Rs 425 to Rs 59,411 a kg on Thursday as speculators offloaded their positions, triggered by a weak trend in overseas markets.
Trading sentiment in silver turned bearish after gold in London recorded its biggest drop since February 2010, as rising equities curbed demand for a protection of wealth and CME Group raised futures margins for a second time this month.
At the Multi Commodity Exchange, silver for delivery in September tumbled by Rs 425, or 0.71 per cent, to Rs 59,411 a kg, with a business volume of 50,871 lots.
Similarly, the metal for delivery in December plunged by Rs 351, or 0.57 per cent, to Rs 60,950 a kg, with a trade volume of 4,990 lots.
Meanwhile, silver fell by 0.4 per cent to $39.57 an ounce in London.
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