Silver surges 1.2% on strong global cues
The metal rose 1.4% to $31.21 an ounce, the highest level since May 1 in Singapore
Tracking a firm global trend, silver prices surged by Rs 695 to Rs 58,203 per kg in futures trade today as speculators indulged in creating fresh positions.
At the Multi Commodity Exchange, silver for delivery in September surged Rs 695, or 1.21%, to Rs 58,203 per kg, with a business turnover of 19,805 lots.
The December contract jumped up by Rs 598, or 1%, to Rs 60,107 per kg, with an open interest of 4,674 lots.
Marketmen said fresh buying by speculators in tandem with a strong global trend mainly pushed up silver prices at futures trade.
Meanwhile, silver rose 1.4% to $31.21 an ounce, the highest level since May 1, in Singapore.