Silver moves up in futures trade on global cues

Dec 03 2012, 14:41 IST
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SummarySilver prices went up by 0.98 per cent to Rs 61,901 per kg in futures trade.

Silver prices went up by 0.98 per cent to Rs 61,901 per kg in futures trade today as speculators enlarged their positions, taking a positive cues from overseas markets after a weak dollar boosted demand for the precious metals.

At the Multi Commodity Exchange, silver for delivery in December shot up by Rs 600, or 0.98 per cent, to Rs 61,901 per kg in business turnover of 292 lots.

Similarly, the white metal for delivery in the March contract traded higher by Rs 507, or 0.80 per cent, to Rs 63,858 per kg in 4,891 lots.

Analysts said speculative positions created by participants, driven by a firming trend in the precious metals in the global markets after a decline dollar boosted demand amid investor holdings in exchange - traded products advanced to a record mainly pushed up silver futures.

Meanwhile, silver rose 0.54 per cent to USD 33.62 an ounce in Singapore.

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