Silver futures prices surge 0.85% on positive global cues

NEW DELHI (July 3) Silver prices at futures trade today rose by 0.85 per cent to Rs 40,222 per kg as speculators built up fresh positions amid covering-up of short positions taking positive cues from the global markets.

At the Multi Commodity Exchange, silver prices for delivery in July spurted by Rs 339, or 0.85 per cent, to Rs 40,222 per kg in business turnover of five lots. On the similar lines, the white metal prices for delivery in September traded Rs 344, or 0.85 per cent, higher at Rs 40,836 per kg in a turnover of 1,309 lots.

In the international market, silver gained 0.49 per cent, to trade at USD 19.48 an ounce in Singapore today. Market analysts said besides short-covering by speculators, gains in the precious metals in the overseas at lower levels, influenced silver prices at futures trade here.