Silver futures up 1.1% on global cues

Silver prices rose by 1.12% to Rs 42,129 per kg in futures trade today as speculators built up fresh positions, tracking a firming overseas trend.

 

At the Multi Commodity Exchange, silver prices for delivery in September rose by Rs 463, or 1.12%, to Rs 42,129 per kg in business turnover of 2,625 lots.

 

Similarly, the white metal prices for delivery in December traded Rs 464, or 1.09%, higher at Rs 42,905 per kg in a turnover of 96 lots.

 

Market analysts said besides short-covering by speculators, gains in the precious metals in the overseas markets as investors awaited conclusion of US Federal Reserve policy makers' meeting today for signals on whether the Fed may start reducing its unprecedented stimulus programme in the coming months.

 

Globally, silver gained as much as much 1.4% to $20.01 an ounce in Singapore.