Silver futures rebound on firm global markets

Silver shot up by 0.39% to Rs 52,770 per kg in futures trade today, as speculators built up fresh positions, taking positive cues from global markets.

At the Multi Commodity Exchange, March silver rose by Rs 204, or 0.39%, to Rs 52,770 per kg, with a business volume of 2,031 lots.

The May delivery moved up by Rs 210, or 0.36%, to Rs 53,869 per kg, with a trade turnover of 68 lots.

Market analysts attributed recovery in silver at futures market to a firming global trend after a weaker dollar spurred demand for the precious metals as an safe haven.

Meanwhile, silver futures climbed 3.6% to $29.81 an ounce in New York's Comex last night after hitting a high of $30.31, the highest since December 14.