Silver futures up 0.55% on global cues

Silver futures prices shot up by 0.55% to Rs 55,810 per kg today as traders enlarged their positions, buoyed by a firming trend overseas on escalating tensions in the West Asia and North Africa.

A firming trend in the spot market on rising demand driven by the ongoing marriage season also supported the upside in silver prices in futures trade here.

At the Multi Commodity Exchange, silver for far-month September delivery climbed by Rs 276, or 0.55%, to trade at Rs 55,810 per kg, with a business turnover of three lots.

Prices of the white metal for July delivery also rallied by Rs 280, or 0.50%, to Rs 55,124 per kg, with a business turnover of 94 lots, while silver for May contract delivery rose by Rs 82, or 0.15 per cent, to Rs 54,245 per kg with an open interest in 2,064 lots.

Silver in New York gained 0.22% to trade at $36.13 an ounce last evening.

Analysts said firming trend in precious metals in global markets amid political tensions in the Middle East and North Africa and a return of concern over European debt woes mainly influenced silver futures prices here.