Silver futures drop 0.84% on weak global cues

Tracking a weak trend overseas, silver prices moved down by 0.84 per cent to Rs 37,970 per kg in futures trade today as participants reduced their positions.
At the Multi Commodity Exchange, silver for delivery in May fell by Rs 322, or 0.84 per cent, to Rs 37,970 per kg, in a business turnover of 149 lots.
Likewise, the white metal for delivery in far-month July declined by Rs 313, or 0.81 per cent, to Rs 38,260 per kg in 10,502 lots.
Analysts said offloading of positions by traders in tandem with a subdued trend overseas, mainly led to the fall in silver prices at futures trade.

Globally, silver fell 0.46 per cent to USD 16.38 an ounce in New York in early trade today.