Silver prices plunged by Rs 258 to Rs 38,490 per kg in futures trade Thursday as speculators cut down their bets to book profits amid a weak trend overseas.

Silver to be delivered in May was trading down by Rs 258, or 0.67 per cent, to Rs 38,490 per kg at the Multi Commodity Exchange. It clocked a business volume of 18,698 lots.

Silver for delivery in far-month July, too, was trading lower by Rs 269, or 0.68 per cent, to Rs 39,036 per kg in a business turnover of 378 lots.

Market analysts said profit-booking at current levels and fresh losses in white metal overseas mainly led to the fall in silver prices here.

In the international market, silver traded 0.08 per cent lower at USD 15.33 an ounce in Singapore.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)