Silver futures up 0.50 pc on global cues, short-covering

Silver prices rose by 0.50 per cent to Rs 44,479 per kg in futures trade today largely in tune with a rising trend in precious metals overseas amid covering-up of short positions by speculators.

At the Multi Commodity Exchange, silver for delivery in May traded higher by Rs 223, or 0.50 per cent, to Rs 44,479 per kg in a business turnover of 340 lots.

Similarly, the white metal for delivery in March traded Rs 186 higher, or 0.43 per cent, at Rs 43,495 per kg in a turnover of 7,666 lots.

In the international market, silver bounced 0.39 per cent to trade at USD 19.24 an ounce in London.
 

Market analysts said besides short-covering by speculators, a recovery in the global market influenced silver prices at futures trade here.