Silver futures up on global cues

Silver futures up on global cues

Silver prices move up due to a trend seen overseas.

Silver prices moved up by Rs 169 to Rs 58,780 per kg in futures trading today,taking positive cues from overseas markets and rising domestic demand.

At the Multi Commodity Exchange,silver for delivery in May rose by Rs 169,or 0.29 per cent,to Rs 58,780 per kg,with a business turnover of 202 lots.

Likewise,the metal for delivery in March traded higher by Rs 155,or 0.37 per cent,to Rs 57,312 per kg,with a trade volume of 2,164 lots.

Globally,silver surged 3.7 per cent to USD 34.50 an ounce in yesterday’s trade in New York.

Market analysts said rise in silver future prices was mostly due to a firming trend overseas as agreement on a bailout package for Greece and political tension in the Middle East boosting demand for safe haven investments.