Silver futures rise 1.12% on firm global cues

Silver prices rose by 1.12 per cent to Rs 38,000 per kg in futures market today as participants created fresh positions following a firm trend in global markets.
At the Multi Commodity Exchange, silver for delivery in March jumped Rs 422, or 1.12 per cent, to Rs 38,000 per kg in business turnover of 1,189 lots.
The metal for delivery in May gained Rs 396, or 1.04 per cent, to Rs 38,503 per kg in 67 lots.
Analysts said fresh positions by speculators in step with a firm trend in global markets mainly influenced silver prices at futures trade.
Silver rose 0.80 per cent to USD 16.46 an ounce in Singapore.