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Taking weak cues from overseas markets, silver prices dropped by Rs 174 to Rs 38,521 per kg at the futures trade as participants reduced their bets. Profit-booking at prevailing levels by speculators also weighed on silver prices.
At the Multi Commodity Exchange, silver for delivery in March was trading lower by Rs 174 or 0.45 per cent at Rs 38,521 per kg in a business turnover of 342 lots. Similarly, the white metal for delivery in May declined by Rs 166 or 0.42 per cent to Rs 39,074 per kg in a business volume of 36 lots.
In the international market, silver fell 0.33 per cent to $16.54 an ounce in Singapore. Traders attributed the fall in silver prices at the futures trade to a weak trend in precious metals in global markets and profit-booking by speculators.
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