Silver prices trade higher on firm global cues

Silver futures prices rose by 1.19 per cent on the Multi Commodity Exchange today as speculators and traders were seen increasing their positions to meet the current festive demand amid firming global trend.     

Silver for the far-month March contract shot up by 1.19 per cent to Rs 23,725 per kg with an open interest of 15 lots.     

Similarly, the metal for delivery in December moved up by 0.54 per cent to Rs 23,640 per kg with an open interest of 1,319 lots and September month contract gained 0.52 per cent to Rs 23,520 per kg in open interest of 13,015 lots.     

 

Marketmen said firming global trend and pick up in demand in the spot market due to festive season mainly pushed up silver prices at futures market here.     

Meanwhile, silver traded higher by 0.5 per cent at $14.61 an ounce in the Asian region.