Silver futures up by 0.1% on firm global cues

Silver prices were up by Rs 59 to trade at Rs 41,625 per kg in futures trading today as participants indulged in enlarging positions amid a firm trend in precious metals overseas.

In futures trading, silver for delivery in May was up by Rs 598, or 0.14%, at Rs 41,625 per kg at the Multi Commodity Exchange, in a business turnover of 58 lots.

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Likewise, the white metal for delivery in far-month July edged higher by Rs 37, or 0.09%, to Rs 42,335 per kg in 90 lots.

Analysts said widening of positions by speculators in step with a firm trend in global markets as a weaker dollar raised appeal of the precious metals, influenced silver prices at futures trade.

Globally, silver ended 1.65% higher at $17.82 an ounce in New York on Friday.

Meanwhile, silver's 15% surge this month has bettered gold's advance amid optimism that industrial usage will increase as China's economy shows signs of stabilizing.