Amid a weak trend in global market, silver prices dropped by Rs 240 to Rs 38,072 per kg in futures trade today as speculators lightened bets.
At the Multi Commodity Exchange, silver for delivery in May traded lower by Rs 240, or 0.63 per cent, at Rs 38,072 per kg, in a business turnover of 501 lots.
Also, the white metal for delivery in far-month July was trading Rs 242, or 0.62 per cent lower at Rs 38,550 per kg, in a business volume of 16 lots.
In the international market, silver traded 0.74 per cent lower at USD 16.06 an ounce in Singapore.
Meanwhile, silver rallied 7.8 per cent in the past four sessions, more than twice the pace of gold's increase, helped by signs of improving industrial demand and mounting speculation that the Federal Reserve will be slow to boost interest rates.
Market analysts said reports of a weak trend in the metal in overseas markets after recent gains, led to the fall in silver prices at futures trade here.
