Silver tumbles Rs 174 on weak global cues

Taking weak cues from overseas markets, silver prices dropped by Rs 174 to Rs 38,521 per kg in futures trade today as participants cut bets.
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.

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.