Silver up 0.7% on firm global cues

Market analysts said fresh positions created by speculators largely in tandem with a firming trend overseas influenced silver prices

Silver prices jumped Rs 379, or 0.71%, to Rs 53,850 per kg in futures trading today as speculators created positions largely in tandem with a firming overseas trend.

At the Multi Commodity Exchange, silver for delivery in September traded Rs 379, or 0.71% higher at Rs 53,850 per kg in business turnover of 1,195 lots.

Likewise, silver for delivery in December traded higher by Rs 389, or 0.71%, to Rs 54,850 per kg in 105 lots.

Market analysts said fresh positions created by speculators largely in tandem with a firming trend overseas, as investors weighed the outlook for stimulus in the US, with a slump in new-home sales boosting the case for sustained debt-buying, influenced silver prices at futures trade.

Meanwhile, in Singapore silver climbed 1% to $24.30 an ounce, the highest price since May 6.