Tracking a rising trend in precious metals in global markets, silver futures prices rose sharply by 1.61 per cent to Rs 41,004 per kg today as speculators built-up fresh positions amid covering-up of short positions.
On the Multi Commodity Exchange, silver for delivery in September traded higher by Rs 650 or 1.61 per cent to Rs 41,004 per kg in a business turnover of 3,729 lots.
On the similar lines, the white metal for delivery in far-month December traded higher by Rs 600 or 1.46 per cent at Rs 41,800 per kg in a turnover of 101 lots.
In the international market, the white metal advanced 2.1 per cent to trade at $19.93 an ounce in Singapore.
Market analysts said besides covering-up of short positions by speculators, a firm trend in precious metals in the global market on expectations that the US Federal Reserve will sustain stimulus amid a weak dollar overseas, boosted the futures trade here.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.