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.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.