Silver futures up 1.58 pc on global cues

NEW DELHI: Buoyed by a firming overseas trend, silver futures prices shot up by 1.58 per cent to Rs 60,241 per kg as traders enlarged their positions.

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

At the Multi Commodity Exchange, silver for delivery in September climbed Rs 938, or 1.58 per cent to Rs 60,241 per kg, with a business turnover of 158 lots.

The white metal prices for delivery in July also rallied by Rs 862, or 1.47 per cent to trade at Rs 59,550 per kg, with a business turnover of 3,880 lots.

Silver in the Asian region gained 1.77 per cent to USD 39.33 an ounce in early trade today.

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

Besides, pick-up in demand at the domestic spot markets, driven by ongoing marriage season also buoyed the sentiments, they added.