Silver futures regain Rs 52,000 per kg level

September 19, 2013

New Delhi-INDIA  (Sept 19)    Silver futures regained Rs 52,000 per kg level today as the prices climbed 2.76 cent to Rs 52,097 per kg, taking positive cues from the global market after the US Federal Reserve decided to keep its stimulus programme intact.

On the Multi Commodity Exchange, silver prices for delivery in March rose sharply by Rs 1,398 or 2.76 per cent to trade at Rs 52,097 per kg in a business turnover of 41 lots. Similarly, December contract zoomed Rs 1,406 or 2.84 per cent to Rs 50,983 per kg in a turnover of 1,240 lots.

Market analysts said speculative positions created by participants following gains in the precious metals overseas in response to a surprise decision by the US Federal Reserve to keep its massive stimulus programme intact, mainly influenced silver prices at the futures trade here.

Besides, a hike in import duty on gold and silver jewellery by 5 per cent to 15 per cent supported the upside, they said.

Globally, the white metal gained 0.8 per cent to $23.13 an ounce in Singapore today after soaring 5.5 per cent yesterday.

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