Silver futures regain Rs 51,000 per kg level, surges over 7%

NEW DELHI-INDIA (Aug 16)  Taking positive cues from the global market, silver regained Rs 51,000 per kg level today in futuers trade for the first time since April as prices climbed 7.27% to Rs 51,480 per kg after speculators enlarged positions.

At the Multi Commodity Exchange, silver prices for delivery in far-month December contracts rose sharply by Rs 3,493, or 7.27%, to trade at Rs 51,480 per kg, a level last seen in April, in business turnover of 51 lots.

The white metal prices for delivery in September too zoomed by Rs 3,646, or 7.82% to Rs 50,219 per kg in a turnover of 498 lots.

Market analysts said besides short-covering by speculators and a hike in import duty by the government, gains in the precious metals in the overseas markets and domestic spot markets, attributed rise in silver prices at futures trade here.

Globally, silver gained as much as much 0.8% to $23.18 an ounce in Singapore today, the highest since May 22.