Silver futures jump to Rs 48,515 per kg

November 14, 2013

New Delhi-India  (Nov 14)  Silver prices rose 1.09 per cent to Rs 48,515 per kg at the futures trade today largely in tune with a rising trend in precious metals overseas amid covering-up of pending short positions by speculators.

On the Multi Commodity Exchange, silver for delivery in far-month March traded higher by Rs 563 or 1.09 per cent to Rs 48,515 per kg in a business turnover of 67 lots.

Similarly, the white metal for delivery in December traded higher by Rs 441 or 0.94 per cent at Rs 47,118 per kg in a turnover of 1,346 lots.

In the international market, silver bounced 0.8 per cent to trade at $20.78 an ounce in Singapore snapping five days of losses.

Market analysts said a recovery in the global market after Federal Reserve Chairman nominee Janet Yellen backed stimulus until the economy and labour market improves, reducing concern that the central bank’s bond-buying programme will soon be scaled back, influenced silver prices at the futures trade here.

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