Silver futures up over 1% on global cues

Supported by a firming trend overseas, silver prices rose by 1.20% to Rs 59,420 per kg in futures trade today as speculators enlarged their positions.

At the Multi Commodity Exchange, silver for delivery in September rose sharply by Rs 702, or 1.20%, to Rs 59,420 per kg, with a business turnover of 1,683 lots.

Similarly, the metal for delivery in December moved up by Rs 671, or 1.12%, to Rs 60,678 per kg, with a trade turnover of 76 lots.

Analysts attributed the rise in silver futures prices to a firming trend in precious metals in global markets.

In addition, a firming trend in the domestic bullion market on the back of marriage season demand also supported the upside, they added.

 

Meanwhile, silver shot up by 2.18% to $39.92 an ounce in New York yesterday.