Silver futures up 0.57% on global cues

Silver prices edged higher by 0.57% to Rs 50,545 per kg in futures trading today, as speculators enlarged their positions, taking positive cues from global market.

Firming trend at the spot market on the back of strong demand, driven by the ongoing marriage season, also influenced silver prices at futures trade.

Market analysts said firming trend in global market as the unrest in Libya boosted the demand for the precious metal as an alternative investment, mainly influenced silver rices at futures trade here.

At the Multi Commodity Exchange counter, silver for delivery in March contract gained Rs 287, or 0.57%, to trade at Rs 50,545 per kg, with a business turnover of two lots.

The white metal for delivery in May also moved up by Rs 281, or 0.55%, to Rs 51,640 per kg, with an open interest of three lots.

Globally, silver in the Asian region, gained 0.6% to trade at $34.41 an ounce.