Silver futures price surges on high global cues

Silver price rose by 1.46 per cent on the Multi Commodity Exchange (MCX) today, as speculators indulged in increasing their positions, on expectations of better demand during festivals in the coming days.

Silver for September contract rose by 1.46 per cent to Rs 22,800 per kg, with an open interest of 9,679 lots.

Similarly, the metal for delivery in December contract traded higher by the same margin at Rs 22,959 per kg, with an open interest of 870 lots.

The current rise in silver prices is mostly attributed to speculators indulging in increasing their positions to meet the coming festival demand.

 

Meanwhile, silver in London gained 2.1 per cent to $14.21 an ounce, the highest since June 26.