Silver futures rise nearly 1% on global cues

Analysts attributed gains in silver prices to sustained rise in the white metal prices in the global market

Silver prices spurted by nearly 1% to Rs 42,590 per kg in futures trade today as participants engaged in creating speculative positions, tracking a firming trend in base metals overseas.

 

At the Multi Commodity Exchange, silver for delivery in far-month December traded higher by Rs 417, or 0.99%, to Rs 42,590 per kg in business turnover of 33 lots.

 

On similar lines, the metal for delivery in September traded Rs 290, or 0.94%, higher at Rs 41,870 per kg in a turnover of 1,648 lots.

 

In the international market, silver climbed 1.2%, to trade at $20.17 an ounce in Singapore.

 

Market analysts attributed gains in silver prices at futures trade to sustained rise in the white metal prices in the global market, after US Federal Reserve Chairman Ben Bernanke said last week its stimulus drive would be kept in place for some time.