Silver futures rise by 0.9% on safe haven appeal
Speculators widened their bets in sync with a firming trend in overseas markets
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Silver prices jumped Rs 309 to Rs 36,277 per kg in futures trade today as speculators widened their bets in sync with a firming trend in overseas markets.
At Multi Commodity Exchange, silver for delivery in July was trading higher by Rs 309, or 0.86%, at Rs 36,277 per kg in a business turnover of 501 lots.
Similarly, the white metal for delivery in September was trading higher by Rs 308, or 0.85%, at Rs 36,786 per kg with a business volume of 150 lots.
Fresh positions created by speculators, driven by a firming trend overseas as Greece shut banks and imposed capital controls, boosting precious metals' safe haven appeal, influenced silver prices in futures trade, analysts said.
Globally, silver climbed as much as 1.7% to $16.17 an ounce in Singapore today.
At Multi Commodity Exchange, silver for delivery in July was trading higher by Rs 309, or 0.86%, at Rs 36,277 per kg in a business turnover of 501 lots.
Similarly, the white metal for delivery in September was trading higher by Rs 308, or 0.85%, at Rs 36,786 per kg with a business volume of 150 lots.
Fresh positions created by speculators, driven by a firming trend overseas as Greece shut banks and imposed capital controls, boosting precious metals' safe haven appeal, influenced silver prices in futures trade, analysts said.
Globally, silver climbed as much as 1.7% to $16.17 an ounce in Singapore today.
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First Published: Jun 29 2015 | 11:02 AM IST