Silver futures gain on fresh positions

Speculators created fresh positions even as the metal weakened in overseas markets

Silver prices recovered by Rs 204 to Rs 38,111 per kg in futures trading today as speculators created fresh positions even as it weakened in overseas markets.

At the Multi Commodity Exchange, silver for delivery in May rose sharply by Rs 204, or 0.54%, to Rs 38,111 per kg in a business turnover of 23 lots.

Likewise, the white metal for delivery in March traded higher by Rs 168, or 0.45%, to Rs 37,454 per kg in 706 lots.

Analysts said fresh positions built up by speculators at prevailing levels helped silver futures to rise but a weak trend overseas, capped the gains.
 
Meanwhile, silver fell by 0.2% to $16.91 an ounce in Singapore today. Prices are set for a 7.6% drop this week, the most since June 2013.