Silver surges by 0.8% on global cues

Mumbai-India (Feb 25)  Silver prices climbed Rs 639 to Rs 36,613 per kg in futures trading today as participants built up fresh positions supported by a firm global trend.

 Besides, covering-up of short positions by speculators also supported the upside.

 At the Multi Commodity Exchange, silver for delivery in March gained by Rs 639, or 1.78% to Rs 36,613 per kg in business turnover of 2,711 lots.

 Likewise, the white metal for delivery in far-month May contracts traded higher by Rs 544, or 1.49% to Rs 39,968 per kg in 458 lots.

 Market analysts said fresh positions built up by speculators buoyed by a firm global trend after the US Federal Reserve hinted imminent rate rise was unlikely, influenced precious metal prices at futures trade.

 Meanwhile, silver climbed 2.3% to $16.67 an ounce in Singapore.

Source: BusinessStandard