Commodities

Silver futures up on firm global cues

PTI New Delhi | Updated on May 11, 2011 Published on May 11, 2011

Buoyed by a firming overseas trend, silver futures prices shot up by 1.58 per cent to Rs 60,241 per kg as traders enlarged their positions.

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

At the Multi Commodity Exchange, silver for delivery in September climbed Rs 938 or 1.58 per cent to Rs 60,241 per kg with a business turnover of 158 lots. Similarly, July contract also rallied by Rs 862 or 1.47 per cent to trade at Rs 59,550 per kg with a business turnover of 3,880 lots.

In the Asian region, the white metal gained 1.77 per cent to $39.33 an ounce in the early trade today.

Analysts said a firming trend in precious metals overseas as concerns about Europe’s debt woes fuelled the demand for precious metals as an alternative investment. This in turn influenced prices at the futures trade here.

Besides, pick-up in demand at the domestic spot market, driven by ongoing marriage season also buoyed the sentiment, they added.

Published on May 11, 2011
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