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Silver futures climb Rs 277 on firm global cues

by September 29, 2016 General

Press Trust of India  |  New Delhi

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Silver prices spurted by Rs 277 to trade at Rs 45,860 per kg in futures trading today as participants indulged in enlarging positions amid a firm trend in precious metals overseas.

In futures trading at the Multi Commodity Exchange, silver for delivery in December was up by Rs 277, or 0.61 per cent, at Rs 45,860 per kg, in a business turnover of 949 lots.

Likewise, the white metal for delivery in far-month March zoomed Rs 237, or 0.51 per cent, to Rs 46,700 per kg in nine lots.

Analysts said widening of positions by speculators in step with a firm trend in global markets as a weaker dollar raised appeal of the precious metals, influenced silver prices at futures trade.

Globally, silver edged higher 0.37 per cent at USD 19.24 an ounce in today.

Meanwhile, silver has rallied 39 per cent this year, helped by a tailwind from gains in gold, as the Federal Reserve kept the US interest rates steady and other central banks increased stimulus to support growth.

An improving outlook for the US economy and Chinese manufacturing has also benefited silver, with industrial use accounting for more than half of the metal’s demand.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)