Silver prices fell sharply by Rs 240 to Rs 38,049 per kg at the futures trade today as speculators trimmed their exposure amid a weak trend in global markets.

At the Multi Commodity Exchange, silver for delivery in September traded lower by Rs 240 or 0.63 per cent at Rs 38,049 per kg in a business turnover of 571 lots.

The white metal for delivery in December too fell Rs 201 or 0.52 per cent to Rs 38,698 per kg in three lots.

In the international market, silver fell 0.42 per cent to $16.41 an ounce in Singapore.

Analysts attributed the fall in silver futures to a weak trajectory in global markets, as equities gained and the markets awaited clues about monetary policy from the US Federal Reserve, which began its two-day meeting yesterday, and trimming of positions by speculators.