 "Silver futures up 1.6% on global cues; short-covering")
Tracking a rising trend precious metals in global markets, silver futures prices today rose sharply by 1.61% to Rs 41,004 per kg as speculators built up fresh positions amid covering-up of short positions.
At the Multi Commodity Exchange, silver for delivery in September traded higher by Rs 650, or 1.61%, to Rs 41,004 per kg in business turnover of 3,729 lots.
On the similar lines, the white metal for delivery in far-month December traded Rs 600, or 1.46%, higher at Rs 41,800 per kg in a turnover of 101 lots.
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In the international market, silver advanced 2.1%, to trade at $19.93 an ounce in Singapore.
Market analysts said besides covering up of short positions by speculators, a firming trend in the precious metals in the global market as expectations that the US Federal Reserve will sustain stimulus amid a weak dollar overseas.