Silver recovers by 0.3% in futures trade on short-covering

Silver prices recovered by 0.37% to Rs 49,849 per kg in futures trade today, largely supported by covering-up of short positions by speculators even as the metal weakened in overseas markets.

At the Multi Commodity Exchange, silver for delivery in March next year contracts gained Rs 186, or 0.37%, to Rs 49,849 per kg in a business turnover of 84 lots.

Similarly, the white metal for delivery in December gained Rs 154, or 0.32%, to Rs 48,298 per kg, in a business volume of 1,153 lots.

In the international market, silver lost 1% to trade at $21.30 an ounce in Singapore.

Market analysts attributed recovery in silver prices at futures trade to covering up of short positions by speculators but weakness in precious metals overseas after strong US jobs data boosted speculation the Federal Reserve will begin scaling back stimulus, restricted the gains.