Silver prices fall Rs 171 as traders cut exposure

Taking weak cues from overseas markets, silver prices tumbled Rs 171 to Rs 38,075 per kg in futures trade today, as participants reduced exposure.
At the Multi Commodity Exchange, silver for delivery in March lost Rs 171, or 0.45 per cent, to Rs 38,075 per kg, in a turnover of 53 lots.
Similarly, the white metal for delivery in far-month May was trading lower by Rs 141, or 0.36 per cent, to Rs 38,625 per kg, in a business volume of 180 lots.
In the international market, silver slumped 0.24 per cent to USD 16.35 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 strength in the dollar reduced demand for the precious metals as a safe-haven.