Silver prices weakened by 0.43 per cent to Rs 40,638 per kg at the futures trade due to a weak trend overseas.

At the Multi Commodity Exchange, silver for delivery in December fell Rs 176 or 0.43 per cent at Rs 40,638 per kg in a business turnover of 1,259 lots. The white metal for delivery in March next year was trading lower by Rs 144 or 0.35 per cent at Rs 41,239 per kg in 53 lots.

Analysts attributed the fall in silver futures to a weak trend in precious metals in overseas markets as a firm dollar reduced the demand for precious metals as a safe heaven investment. Dollar remains firm due to prospects of monetary policy tightening in the US ahead of the Federal Reserve’s two-day meeting starting on Tuesday.

Meanwhile, silver was trading lower at $17.44 an ounce in Singapore today.