Silver prices fell 0.65 per cent to Rs 38,390 per kg at the futures trade as speculators reduced their exposure, driven by a weak trend in global market.
At the Multi Commodity Exchange, silver prices for delivery in March fell Rs 250 or 0.65 per cent to Rs 38,390 per kg in a business turnover of 1,063 lots. On similar lines, the white metal for delivery in far-month May traded lower by Rs 225 or 0.57 per cent to Rs 38,935 per kg in 204 lots.
Analysts attributed the fall in silver prices at the futures trade to a weak trend in global markets, as minutes from the last US Federal Reserve indicated a hike in interest rates, strengthening the dollar and reducing the appeal for precious metals as a safe haven investment.
Meanwhile, silver fell 0.18 per cent to $16.47 an ounce in Singapore.
