Silver gains 0.55% in futures trade on global cues

Silver prices rose by 0.55% to Rs 53,195 per kg in futures trade today, taking cues from global markets as a weak dollar boosted demand for precious metals.

A firming trend in the domestic spot market amid higher seasonal demand also influenced silver futures here.

At the Multi Commodity Exchange, silver for delivery in March gained Rs 301, or 0.55%, to Rs 53,195 per kg, with a trading volume of 2,008 lots.

May silver gained Rs 295, or 0.55%, to Rs 54,373 per kg in 87 lots.

Market analysts said the continued rise in silver prices in futures trade here was due to a firming trend overseas as better-than-expected US economic data dampened demand for the dollar as an investment option.

Meanwhile, silver prices shot up by 0.79% to $29.46 an ounce in Singapore in early trade today.