Silver falls by Rs 92 on weak global cues

New Delhi: Taking weak cues from overseas markets, silver prices dropped by Rs 92 to Rs 38,120 per kg in futures trade today as participants cut down their bets.

Profit-booking at prevailing levels by speculators also weighed on silver prices.

At the Multi Commodity Exchange, silver for delivery in May was trading lower by Rs 92, or 0.24 per cent, to Rs 38,120 per kg, in a business turnover of 646 lots.

Similarly, the white metal for delivery in far-month July declined by Rs 86, or 0.22 per cent, to Rs 38,708 per kg in a business volume of 30 lots.

In the international market, silver fell 0.28 per cent to USD 16.25 an ounce in Singapore today.

Traders attributed the fall in silver prices at futures trade to a weak trend in precious metals in global markets and profit-booking by speculators.