Silver futures extend gains on global cues

July, September contracts gain 0.4% each as metal shines in New York

Silver futures prices today rose further by 0.41 per cent to Rs 44,700 per kg after participants created speculative positions largely in tandem with a firming trend in precious metals in the global markets.

At the Multi Commodity Exchange, silver for delivery in September rose by Rs 184, or 0.41 per cent, to Rs 44,700 per kg in a business turnover of 159 lots.

The July contract gained Rs 172, or 0.39 per cent, at Rs 44,483 per kg in a turnover of 1,027 lots.

In the international market silver rose by 4.30 per cent to $20.76 an ounce in New York yesterday.

Analysts said a firming trend in global market as expectations that borrowing costs in the US will remain low and escalating violence in Iraq and tension in Ukraine boosted demand for safe-haven influenced sivler futures prices.