Silver prices dipped below Rs 40,000 by falling Rs 1,171 to trade at Rs 39,862 per kg in futures trade today as speculators offloaded their positions, driven by a fall in overseas markets.
At the Multi Commodity Exchange, Silver for delivery in September month dipped by Rs 1,171, or 2.85%, to Rs 39,862 per kg in business turnover of 3,669 lots.
In a similar fashion, the white metal for delivery in July contract plunged by Rs 1061, or 2.61%, to Rs 39,602 per kg in 17,213 lots.
Market analysts said speculators offloaded their positions in line with a weak global trend mainly pulled down silver prices at futures trade.
Meanwhile, silver sank by 4.05% to 18.98 dollar an ounce, taking its losses for the quarter to 32% in London.