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, to 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 USD 16.54 an ounce in Singapore today.
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