Silver futures up by 0.5% on global cues

Covering up of short positions by speculators also helped silver prices

Tracking a rising trend in global markets, silver futures prices today rose by 0.47% to Rs 42,168 per kg as speculators built fresh positions amid covering-up of short positions.

 

At the Multi Commodity Exchange, silver for delivery in September traded higher by Rs 199, or 0.47%, to Rs 42,168 per kg in business turnover of 1,458 lots.

 

On similar lines, the white metal for delivery in far-month December traded Rs 174, or 0.41%, higher at Rs 42,882 per kg in a turnover of 58 lots.

 

In the international market, silver traded slightly higher at $19.92 an ounce in Singapore.

 

Market analysts said besides covering up of short positions by speculators, a firming trend in the precious metals in the global market as US jobs data backed the case for the Federal Reserve to maintain stimulus.