Silver futures up by 2% on firm global cues

Speculative position built up by participants, driven by firm global trend, mainly attributed to the rise in prices

Tracking a firming trend in the precious metals overseas, silver prices soared by Rs 962 to Rs 49,591 per kg in futures trade today as speculators widened their positions.

In futures trading at the Multi Commodity Exchange, silver for delivery in December surged by Rs 962 or 1.98% to Rs 49,591 per kg in a business turnover of 36 lots.

The white metal for delivery in September was trading higher by Rs 940 or 1.98% to Rs 48,427 per kg in 1,908 lots.

Market analysts said speculative position built up by participants, driven by firm global trend, mainly attributed to the rise in silver prices at futures trade here.

Meanwhile, silver surged 1.28% to $20.51 an ounce in Singapore.