Silver prices drifted by 0.27 per cent to trade at Rs 55,110 per kg in futures trade on Monday as speculators engaged in reducing exposures.
At the Multi Commodity Exchange, silver for delivery in far-month December traded Rs 150, or 0.27 per cent lower at Rs 55,110 per kg in business turnover of 1,860 lots.
In a similar fashion, the white metal for delivery in September fell by Rs 102, or 0.19 per cent lower, at Rs 53,110 per kg in 1,869 lots.
Market analysts said the fall in silver prices at futures trade was mostly attributed to a weak trend overseas as prospects for an attack against Syria receded, and on bets the US Federal Reserve will start to pare stimulus as the economy improves, reducing demand for the precious metal.
Meanwhile, silver fell by 1.90 per cent to USD 23.08 an ounce in Singapore.