Silver values soar nearly 3% as buyers scoop up bargain prices

Mumbai-India (Jan 2)   Silver prices shot up by 2.68% to Rs 45,050 per kg in futures trade today after speculators enlarged their positions largely driven by a firming trend overseas. 

At the Multi Commodity Exchange,  silver for delivery in March shot up by Rs 1,174, or 2.68%, to Rs 45,050 per kg in business turnover of 2,849 lots.

Similarly, silver for delivery in May traded higher by Rs 1,145, or 2.55%, to Rs 46,000 per kg in 44 lots.

Analysts attributed the rise in silver prices at futures trade to a firming trend in the global markets as recent plunge spurred physical purchases by investors.

Meanwhile, silver traded higher at USD 20.14 an ounce in Singapore from USD 19.47 on December 31