Silver futures climb by 2.8% on overseas trend

A hike in import duty on gold and silver jewellery by 5% to 15% by the government on Tuesday also supported the upside

Silver regained Rs 52,000 per kg level today in futures trade as prices climbed 2.76% to Rs 52,097 per kg, taking positive cues from the global market after the US Federal Reserve decided to keep its stimulus programme intact.

 

At the Multi Commodity Exchange, silver prices for delivery in March contracts rose sharply by Rs 1,398, or 2.76%, to trade at Rs 52,097 per kg, in business turnover of 41 lots.

 

The white metal prices for delivery in December too zoomed by Rs 1,406, or 2.84%, to Rs 50,983 per kg in a turnover of 1,240 lots.

 

 

Market analysts said speculative positions created by participants following gains in the precious metals overseas in response to a surprise decision by the US Federal Reserve to keep its massive stimulus programme intact, mainly influenced silver prices at futures trade here.

 

Besides, a hike in import duty on gold and silver jewellery by 5% to 15% by the government on Tuesday supported the upside, they said.

 

Globally, silver gained 0.8% to $23.13 an ounce in Singapore today after soaring 5.5% yesterday.