Silver futures surge 0.73 % on overseas trend

Written by Agencies | New Delhi | Updated: Feb 29 2012, 19:10pm hrs
SilverSilver futures surge 0.73 % on overseas trend
Silver prices shot up by 0.73 per cent to Rs 61,327 per kg in futures trading today largely supported by a firming trend overseas as a weaker dollar spurred demand for the precious metals an alternative investment.

At the Multi Commodity Exchange, silver for delivery in March spurted by Rs 444, or 0.73 per cent, to Rs 61,327 per kg, with a business turnover of 9,622 lots.

Likewise, the metal for delivery in May traded higher by Rs 369, or 0.43 per cent, to Rs 63,199 per kg, with a trade volume of 5,608 lots.

Analysts said the rise in silver futures prices was mostly supported by a firming trend in the precious metals overseas as a weakening dollar raised demand for the precious metals as a safe haven.

Globally, silver prices moved up by 4.15 per cent to USD 36.93 an ounce in New York in yesterday's trade.