Silver extend gains in futures trade on global cues

Continuing its winning-streak, silver prices rose further by 174 to Rs 60,642 per kg in futures trade today as market participants indulged in building up huge positions, driven by a firm trend overseas.

In addition, firming trend on the domestic spot markets on the back of upcoming festive and marriage season supported the upsurge in silver futures prices here.

At the Multi Commodity Exchange, silver for September delivery edged higher by Rs 174, or 0.29%, to Rs 60,642 per kg, with a business turnover of 3,144 lots. Likewise, the metal for December delivery moved up by Rs 119, or 0.19%, to Rs 61,985 per kg, with a turnover of 349 lots.

Market analysts attributed the consistent rise in silver prices at futures trade to a firm trend in global markets, supported by concerns about the sovereign debt and global economic slowdown, which raised the demand for the metal as an alternative investment.

Also, strong demand at the domestic spot markets for the coming festive and marriage season supported the upside, they said. Meanwhile, silver shot up by 0.22% to $40.32 an ounce in the Asian region today.