Silver prices went up by a whopping Rs 338 to Rs 38,481 per kg in futures trading today as speculators widened positions amid firm trend in precious metals overseas.
At the Multi Commodity Exchange, silver for delivery in May traded notably higher by Rs 338, or 0.89 per cent, at Rs 38,481 per kg in a business turnover of 1,539 lots.
Likewise, the white metal for delivery in far-month July was trading higher by Rs 328, or 0.85 per cent, to Rs 38,917 per kg in 27 lots.
Market analysts said speculative positions built up by participants, tracking a firm trend global markets for precious metals as the dollar dropped after the US Federal Reserve scaled back forecasts for interest rate hikes this year, raising demand for the safe haven and other commodities. This supported the upside in silver prices at futures trade.
Meanwhile, silver rose as much as 1.3 per cent to trade at USD 16.11 an ounce in Singapore today, the highest level since October 28.
