Silver futures recover 0.79% on overseas trend

Tracking firming trend overseas, silver prices recovered by 0.79 per cent to Rs 35,608 per kg in futures trade today.

Besides, covering-up of short positions and rising demand in the domestic markets ahead of festive and marriage season also gave a push to rising silver prices.

At the Multi Commodity Exchange platform, silver for delivery in May contract traded Rs 625, or 0.79 per cent, to Rs 35,608 per kg, with a turnover of two lots.

The silver for delivery in July contract also edged higher by Rs 227, or 0.64 per cent, to Rs 35,347 per kg, clocking a business turnover of two lots. 

 

Globally, silver in Asian trading gained 0.51 per cent to trade at $23.43 an ounce.

Analysts said firming trend in precious metals in global markets on expectations that the US Federal Reserve may provide more stimulus to boost economic recovery and weakening dollar against the euro, influenced silver futures here.

In addition, rising demand for the metal in domestic markets for the ongoing festivals and marriage season also supported the upside in silver futures prices, they said.