Silver down 3.5% on global cues

Tracking a firming trend in the precious metals overseas, silver prices went past the Rs 47,000 per kg mark by soaring Rs 1,614 to Rs 47,143 per kg in futures trade today as speculators widened their bets.

In futures trading at the Multi Commodity Exchange, silver for delivery in July was trading notably higher by Rs 1,614 or 3.54% to Rs 47,143 per kg in a business turnover of 57 lots.

The white metal for delivery in September too spurted by Rs 1,576 or 3.40% to Rs 47,979 per kg in 2,707 lots.

Market analysts said speculative position created by participants, driven by firm global trend where silver vaulted USD 21 an ounce for the first time in two years as investors sought precious metals as haven assets following the UK's vote to leave the European Union.

Bullion has benefited as the post-Brexit vote turbulence in financial markets added to speculation that global central banks may act to boost stimulus, with interest rates in the US set to remain low. Holdings in silver-backed exchange traded funds expanded to a record last month,

Meanwhile, silver climbed 7% to $21.13 an ounce in Singapore.