Silver futures up on firm global cues

Demnad rose as participants created speculative positions

Silver prices went up by 0.18% to Rs 59,147 per kg in futures trade today.

At the Multi Commodity Exchange, the May contract rose by Rs 146, or 0.25%, to Rs 59,147 per kg in business turnover of 173 lots.

Similarly, the March contract traded higher by Rs 147, or 0.25%, to Rs 57,807 per kg in 4,681 lots.

Analysts said the demand rose as participants created speculative positions driven by a firming trend in the global markets as US lawmakers struggled to reach a budget deal before automatic tax increases and spending cuts start taking effect from tomorrow.

Globally, silver rose 0.33% to $ 30.13 an ounce in Singapore.