Silver up 1.3% on global cues, short-covering

Mumbai-India (Mar 12) Tracking a rebound in precious metals in global markets, silver futures rose sharply by 1.32% to Rs 46,503 per kg today as speculators created fresh positions amid covering-up of short positions.

At the Multi Commodity Exchange, silver for delivery in May traded higher by Rs 606, or 1.32%, to Rs 46,503 per kg in a business turnover of 1,184 lots.

On similar lines, the white metal for delivery in July traded higher by Rs 605, or 1.30%, at Rs 47,398 per kg in a turnover of 11 lots.

In the international market, silver rose 1.5% to trade at $21.16 an ounce in Singapore.

Market analysts said besides short-covering by speculators, a recovery trend in the precious metals in the global market, as escalating tensions in Ukraine boosted demand for the precious metals, influenced silver prices at futures trade here.