Participants reduced their bets on low demand at the spot market on Wednesday causing silver prices to fall by Rs 123 to Rs 47,675 per kg in futures trade.
On Multi Commodity Exchange, silver for delivery in December was trading lower by Rs 123, or 0.26%, to Rs 47,675 per kg in a business turnover of 7,636 lots.
Globally, the silver prices were trading marginally higher by 0.01% at $18.20 in New York.
Traders said off-loading of positions by participants at the existing level due to weak sentiment mainly weighed on silver prices.