Silver futures up 1% on strong global cues

Speculators build fresh positions as metal shines in Singapore market

Silver rose by over 1 per cent to Rs 54,434 per kg in futures market today, largely in tune with a firming trend in the global markets.     

At the Multi Commodity Exchange, silver for delivery in March shot up by Rs 633, or 1.1 per cent, to Rs 54,434 per kg in business turnover of nine lots.     

May silver gained Rs 42, or 0.08 per cent, to Rs 54,862 per kg in 1,327 lots.     

Market analysts said the rise in silver prices at futures trade was mostly attributed to fresh positions built up by speculators, driven by a firming trend overseas.

Globally, silver traded 0.6 per cent higher at $28.74 an ounce in Singapore today.