Silver futures up 1.18 pc on global cues

NEW DELHI: Silver prices shot up by 1.18 per cent to Rs 55,702 per kg in futures trade today on the back of a firming trend in global markets.

A better trend in the spot market on rising demand driven by the ongoing marriage season also supported the upside in silver prices in futures trade here.

At the Multi Commodity Exchange, silver for delivery in July climbed Rs 651, or 1.18 per cent, to Rs 55,702 per kg, with a business turnover of 3,696 lots.

The white metal prices for delivery in September also rallied by Rs 639, or 1.15 per cent, to Rs 56,400 per kg, with a business turnover of 173 lots.

Silver gained 4.45 per cent to USD 36.63 an ounce in New York last night.

Analysts said a firming trend in precious metals overseas as deepening concern about Europe's debt woes fuelled demand for precious metals as an alternative investment influenced silver prices in futures trade here.

A pick-up in demand in the domestic spot market, driven by the ongoing marriage season, also buoyed the trading sentiment, they added.