Silver climbs over 2% on global cues

Speculation that central banks in the US and China may ease monetary policy helps uptrend

Amid a firming trend in the global markets, silver futures prices today rallied by over 2% to Rs 58,350 per kg as participants created speculative positions.

Strong demand in the spot markets for the marriage season influenced prices at futures trade, traders said.

At the Multi Commodity Exchange, silver for delivery in December spurted by Rs 1,203, or 2.1%, to Rs 58,350 per kg, with a business turnover of 1,025 lots.

The September contract traded higher by Rs 1,079, or 1.92%, to Rs 56,388 per kg, with a trade volume of 4,736 lots.

In Singapore, silver rose 1.2% to $30.19 an ounce, its highest level since May 7, in early trade today.

 

Marketmen said reports of a firming trend in overseas markets on a weakening dollar amid speculation that central banks in the US and China may ease monetary policy to boost their economies, raised the demand for precious metals.