Commodities

Silver futures up on global cues

PTI New Delhi | Updated on March 10, 2011 Published on March 10, 2011

Silver futures prices shot up by 0.55 per cent to Rs 55,810 per kg today as traders enlarged their positions, buoyed by a firming trend overseas on escalating tensions in the Middle East and North Africa.

A firming trend in the spot market on rising demand driven by the ongoing marriage season also supported the upside in silver prices at the futures trade here.

At the Multi Commodity Exchange, silver for far-month September delivery climbed by Rs 276 or 0.55 per cent to trade at Rs 55,810 per kg with a business turnover of three lots.

Similarly, July contract also rallied by Rs 280 or 0.5 per cent to Rs 55,124 per kg with a business turnover of 94 lots, while May contract rose by Rs 82 or 0.15 per cent to Rs 54,245 per kg with an open interest of 2,064 lots.

In New York, the white metal gained 0.22 per cent to trade at $36.13 an ounce on Wednesday evening.

Analysts said a firming trend in precious metals in the global markets amid political tensions in the Middle East and North Africa and a return of concern over European debt woes mainly influenced silver futures prices here.

Published on March 10, 2011
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