Silver futures price recover 0.46 pct on global cues

Sep 17 2013, 12:39 IST
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SummaryTracking a firming trend in precious metals overseas, silver futures prices today recovered by 0.13 per cent to Rs 49,897 per kg as speculators built up fresh positions.

Tracking a firming trend in precious metals overseas, silver futures prices today recovered by 0.13 per cent to Rs 49,897 per kg as speculators built up fresh positions.

At the Multi Commodity Exchange, Silver for delivery in December traded higher by Rs 65 or 0.13 per cent, to Rs 49,897 per kg in business turnover of 777 lots.

On similar lines, the white metal for delivery in far-month March traded up by Rs 60, or 0.12 per cent, to trade at Rs 50,977 per kg in a turnover of six lots.

In the international market, silver climbed 0.50 per cent, to trade at USD 21.92 an ounce in Singapore today.

Market analysts said gains in both the precious metals in the global market on speculation that policy makers will be less inclined to curb stimulus after former Treasury Secretary Lawrence Summers withdrew his bid to head the Federal Reserve, helped silver to trade higher at futures trade here.

The Federal Reserve begins a two-day policy meeting today at which it is forecast to reduce the pace of its US bond buying.

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