Silver futures spurt to Rs 51,480 per kg

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

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

Similarly, the white metal prices for delivery in September zoomed by Rs 3,646 or 7.82 per cent 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 and domestic spot markets led to a rise in silver prices at the futures trade here.

Globally, the white metal gained as much as much 0.8 per cent to $23.18 an ounce in Singapore today, the highest since May 22.