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Silver prices rose 1.12 per cent to Rs 42,129 per kg at the futures trade today as speculators built up fresh positions, tracking a firm overseas trend.
On the Multi Commodity Exchange, silver prices for delivery in September rose Rs 463 or 1.12 per cent to Rs 42,129 per kg in a business turnover of 2,625 lots.
Similarly, the white metal prices for delivery in December traded higher by Rs 464 or 1.09 per cent at Rs 42,905 per kg in a turnover of 96 lots.
Market analysts said besides short-covering by speculators, gains in the precious metal in the overseas market boosted the futures trade here.
A firm trend prevailed in the overseas market as investors awaited the conclusion of the US Federal Reserve policy makers’ meeting today for signals on whether the Fed may start reducing its unprecedented stimulus programme in the coming months.
Globally, silver gained as much as much 1.4 per cent to $20.01 an ounce in Singapore.
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