Amid profit-booking by participants and weak global cues, silver prices dropped 0.18 per cent to Rs 38,816 per kg in futures trade Tuesday.

At the Multi Commodity Exchange, silver for delivery in March fell Rs 71, or 0.18 per cent, to Rs 38,816 per kg in a business turnover of 985 lots.

Traders said offloading of positions by participants to book profits and a weak trend in overseas markets, as a firmer dollar eroded appeal for the precious metals as a safe haven, led to the fall in silver prices in futures trade.

Globally, silver rose 0.46 per cent to USD 15.26 an ounce in New York.

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