Silver prices dropped by 0.55 per cent to Rs 37,656 per kg at the futures trade due to profit-booking by speculators and weak global cues.
At the Multi Commodity Exchange, silver for delivery in March fell Rs 207 or 0.55 per cent to Rs 37,656 per kg in a business turnover of 776 lots. Similarly, the white metal for delivery in May moved down by Rs 180 or 0.47 per cent to Rs 38,228 per kg in 49 lots.
Traders said offloading of positions by participants to book profits owing to a weak trend overseas led to the fall in silver prices at the futures trade. Globally, silver fell 0.61 per cent to $16.24 an ounce in Singapore.