Silver futures extends gains on global cues

PTI New Delhi | Updated on May 12, 2011 Published on May 12, 2011

Continuing its upward journey, silver prices rose further by 1.41 per cent to Rs 55,223 per kg at the futures trade today, fuelled by a rebound in the global market on a stronger dollar, which raised the appeal for the precious metal.

In addition, a firm domestic market trend influenced the white metal’s prices at the futures trade.

At the Multi Commodity Exchange, silver for delivery in September rose by Rs 770 or 1.41 per cent to Rs 55,223 per kg with a trade volume of 283 lots. Similarly, the metal for delivery in July gathered Rs 730 or 1.36 per cent to Rs 54,600 per kg with a business turnover of 3,304 lots.

Market analysts said continued buying by speculators on the back of a firming global trend, as a stronger dollar raised the appeal for precious metals as an alternative, supported the upside in silver futures here.

Meanwhile, silver climbed 0.57 per cent to $35.47 an ounce in the Asian region.

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Published on May 12, 2011
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