Taking cues from overseas markets, silver prices dropped by 0.34 per cent to Rs 38,873 per kg in futures trading today as participants cut down their bets.
At Multi Commodity Exchange, silver for delivery in May month contracts fell by Rs 131, or 0.34 per cent, to Rs 38,873 per kg in a business turnover of 374 lots.
Likewise, the white metal for delivery in July contracts moved down by Rs 121, or 0.31 per cent, to Rs 39,549 per kg in 307 lots.
Traders said the fall in silver prices in futures trade was largely due to offloading of positions by participants, tracking a weak trend in precious metals in global markets.
Globally, silver shed 0.03 per cent to USD 16.46 an ounce in Singapore.
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