Silver futures up 1% on global cues, short-covering

White metal for delivery in December contracts traded 0.94%

Silver prices rose by 1.09% to Rs 48,515 per kg in futures trade today largely in tune with a rising trend in precious metals overseas amid covering up of pending short positions by speculators.

At the Multi Commodity Exchange, silver for delivery in far-month March next year traded higher by Rs 563, or 1.09%, to Rs 48,515 per kg in business turnover of 67 lots.

Similarly, the white metal for delivery in December contracts traded Rs 441, or 0.94%, higher at Rs 47,118 per kg in a turnover of 1,346 lots.

In the international market, silver bounced 0.8%, to trade at $20.78 an ounce in Singapore snapping five days of losses.
 
Market analysts said a recovery in the global market after Federal Reserve Chairman nominee Janet Yellen backed stimulus until the economy and labour market improves, reducing concern the central bank's bond-buying programme will soon be scaled back, influenced silver prices at futures trade here.