Silver falls Rs 246 on weak global cues

Silver prices tumbled Rs 246 to Rs 38,817 per kg in futures trade today as participants reduced exposure, tracking weakness in global markets.
At the Multi Commodity Exchange, silver for delivery in September lost Rs 246, or 0.63 per cent, to Rs 38,817 per kg, in a business turnover of 831 lots.
Similarly, the white metal for delivery in December was trading lower by Rs 235, or 0.59 per cent, to Rs 39,453 per kg in a business volume of 61 lots.
In the international market, silver slumped 0.21 per cent to USD 16.90 an ounce in Singapore today.
Traders said the fall in silver prices at futures trade was largely in line with a weak trend in precious metals in global markets as investors are looking ahead to a key central bankers' conference in the US this week.