Silver futures extends gains on global cues,up 0.53 per cent

At the Multi Commodity Exchange,silver for delivery in December surged by Rs 320,or 0.53 per cent,to Rs 61,200 per kg,with a trade volume of 68 lots.Similarly,the metal for delivery in September moved up by Rs 375,or 0.46 per cent,to Rs 60,148 per kg,with a trade turnover of 1,253 lots.

Market analysts said the rise in silver futures was mostly due to a firming trend overseas,where it topped $40 an ounce as concern over Europe’s debt crisis,spurred demand for the metal as an alternative investment.Silver climbed 3.26 per cent to $40.55 an ounce,the highest level since May 4,in New York on Monday.