ET:Silver extends gains in futures trade on global cues
NEW DELHI: Buoyed by a firming trend overseas, speculators indulged in building up huge positions, lifting the silver prices by another 0.73 per cent to Rs 59,979 per kg in futures trade today.
A firming trend at the domestic spot markets also influenced the metal's price at futures trade.
At the Multi Commodity Exchange, silver for delivery in December surged by Rs 433, or 0.73 per cent, to Rs 59,979 per kg, clocking a turnover of 636 lots.
Similarly, the metal for delivery in September moved up by Rs 340, or 0.58 per cent, to Rs 58,470 per kg, with a trade turnover of 6,772 lots.
The rise in silver futures was mostly due to a firming trend overseas as investors sought an alternative on debt concerns in the US and Europe, spurring the demand for a protection of wealth, market analysts said.
Meanwhile, silver climbed 0.2 per cent to USD 41.84 an ounce in New York in yesterday's trade.
