Silver futures surge 0.24% on global cues

Speculation that dollar may weaken if Spain accepts credit from a rescue fund boosts demand for silver

Supported by a firm trend in global markets on weakening dollar, silver prices rose by Rs 144, or 0.24%, to Rs 60,174 per kg in futures trade today as speculators enlarged their positions.

At the Multi Commodity Exchange, silver for delivery in December traded Rs 144, or 0.24%, higher at Rs 60,174 per kg, with a business turnover of 878 lots.

March silver gained Rs 130, or 0.21%, to Rs 61,902 per kg, with a business volume of 17 lots.

Marketmen said the rise in silver futures prices was in line with a firm global trend before European Union leaders hold a summit this week amid speculation that Spain may accept credit from a rescue fund, weakening the dollar, and raising appeal for the precious metals as an alternative investment.

 

Globally, silver traded 0.6% higher at $33.15 an ounce in Singapore.