Silver futures up by 3.2% on global cues

August 28, 2013

MUMBAQI-INDIA (Aug 28)   Silver regained Rs 60,000 per kg level with soaring by 3.23% to Rs 60,425 per kg in futures trade today as speculators indulged in creating huge positions amid a firming trend in the global market.

Besides, sliding rupee which plunged to hit an all-time low of Rs 68.75 also influenced white metal prices.
At the Multi Commodity Exchange, silver for delivery in December shot up by Rs 1,892, or 3.23%, to Rs 60,425 per kg in business turnover of 671 lots.
Similarly, the white metal for delivery in September traded higher by Rs 1,932, or 3.37%, to Rs 59,222 per kg in 3,806 lots.
Market analysts said besides increased demand at the spot market, a firming global trend as speculation that the US may lead military strikes against Syria within days spurred investors' demand for the precious metals, helped silver to trade above Rs 60,000 per kg level for the first time since November last year.
Meanwhile, silver climbed 0.80% to $24.65 an ounce in Singapore. 

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