Tracking a firming trend in the precious metals overseas, silver prices soared by Rs 428 to Rs 40,945 per kg in futures trade today as speculators widened their positions. In futures trade at the Multi Commodity Exchange, silver for delivery in December surged by Rs 428 or 1.05 per cent to Rs 40,945 per kg in a business turnover of 714 lots.
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The white metal for delivery in March 2017 contracts was trading higher by Rs 425 or 1.04 per cent to Rs 41,533 per kg in 37 lots.
Market analysts said speculative position built up by participants, driven by firm global trend as weakness in dollar, boosted appeal for the precious metals as a safe haven, mainly attributed to the rise in silver prices at futures trade here.
Meanwhile, silver surged 1.30 per cent to USD 16.80 an ounce in Singapore.