Silver prices are dropped by Rs.152

Silver prices dropped by Rs 152 to Rs 39,191 per kg in futures trade today as participants cut bets following weak leads from overseas markets. Profit-booking at prevailing levels by speculators also weighed on silver prices. At the Multi Commodity Exchange, silver for delivery in May was trading lower by Rs 152, or 0.39 percent, to Rs 39,191 per kg, in a business turnover of 255 lots.

Similarly, the white metal for delivery in far-month July declined by Rs 132, or 0.33 percent, to Rs 39,831 per kg in a business volume of 117 lots. In the international market, silver fell 0.27 percent to USD 16.47 an ounce in New York yesterday. Traders attributed the fall in silver futures to weak global trend as a strong dollar eroded appeal of precious metals as a safe haven bet.