Silver futures rise on Ukraine/Russia rising tensions

Mumbai-India (Mar 3)  Silver prices went up by a whopping Rs 538 to Rs 46,900 per kg in futures trade today after participants built-up speculative positions, largely driven by Russian military intrusion into Ukraine Crimea.

At the Multi Commodity Exchange, silver for delivery in March shot up by Rs 538, or 1.16%, to Rs 46,900 per kg in a business turnover of 261 lots.

Similarly, the white metal for delivery in May rose by Rs 548, or 1.16%, to Rs 47,825 per kg in 929 lots.

Market analysts attributed the rise in silver prices at futures trade to a firming trend in the global markets as tension in Ukraine escalated by Russia's seizure of Crimea boosted demand for a safe haven.

Meanwhile, silver advanced 1.10% to $21.46 an ounce in Singapore, after climbing 11% in February, the first monthly gain since October.