Commodities

Silver gains on global cues

PTI New Delhi | Updated on July 21, 2011 Published on July 21, 2011

Market analysts said fresh buying by speculators in tandem with a firming global trend on concerns about Europe’s debt crisis, fuelling demand for the metal as an alternative investment, mainly pushed up silver futures prices.

Silver prices rose by 0.95 per cent to Rs 60,875 per kg in futures trade today as speculators enlarged their positions, powered by a firming global trend.

At the Multi Commodity Exchange, silver for delivery in December rose by Rs 570 or 0.95 per cent to Rs 60,875 per kg, with a business turnover of 145 lots.

Similarly, the metal for delivery in September moved up by Rs 453 or 0.93 per cent to Rs 59,732 per kg, with a turnover of 4,694 lots.

Market analysts said fresh buying by speculators in tandem with a firming global trend on concerns about Europe’s debt crisis, fuelling demand for the metal as an alternative investment, mainly pushed up silver futures prices.

Meanwhile, silver shot up by 2.82 per cent to $40.11 an ounce in the US market yesterday.

Published on July 21, 2011
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