Silver futures gain Rs 716 on global cues

Silver futures jumped by Rs 716 to Rs 36,028 per kg on Thursday as speculators built fresh positions amid covering-up of short positions amid a rebound in precious metals overseas.

At the Multi Commodity Exchange, silver for delivery in May traded higher by Rs 716, or 2.03 per cent, to Rs 36,028 per kg in a business turnover of 2,010 lots.

On similar lines, the white metal for delivery in July traded higher by Rs 653, or 1.82 per cent, at Rs 36,466 per kg in a turnover of 17 lots.

In the international market, silver traded higher by 0.3 per cent at $16.00 an ounce in Singapore.

Market analysts said besides covering up of short positions by speculators, a firming trend in precious metals in the global market after the Federal Reserve indicated that interest rates may rise at a slower pace than estimated, raised demand for the precious metals.