Gold prices rise on firm global cues, silver tops Rs 40,000 mark

Indian players build physical silver positions, expecting it to rise more than the yellow metal

Silver prices went up sharply on Wednesday, following a rally in metals, led by aluminum and nickel. After the American sanctions on Russian oligarchs and a large aluminium mining company on April 5, metal prices were on fire and silver also outperformed gold during the period, albeit slower than base metals.

Traders in the gold to silver price ratios have turned to silver; many physical market players have also built positions in silver. On the Multi Commodity Exchange, a bearish position in the gold:silver ratio is created by buying silver and selling gold in the proportion of the prevailing ratio at