Silver futures up on global cues

PTI New Delhi | Updated on March 11, 2011

Silver futures prices shot up by 0.46 per cent to Rs 54,877 a kg today, as traders enlarged their positions on the back of a firming trend in Asian trade. A firming trend in the spot market on strong demand, due to the ongoing marriage season, also influenced the uptrend in prices.

At the Multi Commodity Exchange, silver for delivery in September gained Rs 263 or 0.46 per cent to Rs 54,877 a kg, with a business turnover of a single lot.

The white metal prices for delivery in May also rallied by Rs 220 or 0.42 per cent to trade at Rs 53,194 a kg, with a business turnover of two lots.

Silver in the Asian region, gained 0.2 per cent, to $35.36 an ounce. Analysts said a firming trend in precious metals overseas, as concern about mounting unrest in West Asia and northern Africa spurred demand for precious metals as an alternative investment, buoyed sentiments at futures trade here.

Published on March 11, 2011

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