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Silver prices went up by Rs 342 to Rs 40,806 per kg at the futures trade today after participants built-up speculative positions, largely due to covering-up of short positions by speculators.
However, a weak trend overseas capped the gains.
On the Multi Commodity Exchange, silver for delivery in far-month September shot up Rs 342 or 0.85 per cent to Rs 40,806 per kg in a business turnover of 12 lots.
Similarly, the white metal for deli1very in July rose Rs 319 or 0.8 per cent to Rs 40,270 per kg in 961 lots.
Market analysts attributed the rise in silver prices at the futures trade to covering-up of short positions by speculators, but the metal’s weakness in global market limited the gains.
Meanwhile, silver lost 0.1 per cent to $17.48 an ounce in Singapore.
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