Silver futures climb Rs 104 on global cues

Participants created speculative position tracking rally in the global market

Tracking rally in global market, silver prices spurted Rs 104 to Rs 34,685 per kg in futures trade today, as participants created speculative position.

Silver for delivery in September was trading higher by Rs 104, or 0.30% at Rs 34,685 per kg in a business turnover of 215 lots at the Multi Commodity Exchange.

Also, the white metal for delivery in far-month December gained Rs 88, or 0.25% to Rs 35,421 per kg in 1,242 lots.

In the international market, silver added 0.3% to $14.67 an ounce in Singapore, rising for the fourth straight day.

Analysts said a firming trend in global market after a factory gauge in China shrank to a three-year low, deepening concern about the slowdown in the world's second-biggest economy and boosting demand for the precious metals as a safe haven, mainly influenced silver futures here.