Silver rises 1.6% in futures trade

MUMBAI-INDIA (Aug 27)  Silver futures prices today spurted by 1.57% to Rs 54,630 per kg as speculators created positions even as metal declined in Asian trade.


At the Multi Commodity Exchange, silver for delivery in September traded higher by Rs 843, or 1.57%, to Rs 54,630 per kg in business turnover of 905 lots.


On the similar lines, the white metal for delivery in far-month December traded Rs 829, or 1.51%, higher at Rs 55,660 per kg in a turnover of 91 lots.


In the international market, silver, however, declined 1% to $24.07 an ounce after climbing to $24.41 yesterday, the highest since May.


Market analysts said the rise in silver futures was mostly attributed to huge positions created by speculators but metal's weakness overseas, capped the gains.