Snapping a long losing streak, silver rebounded to trade Rs 77, or 0.27 per cent higher, at Rs 28,335 per kg in futures trade today, as speculators covered-up short positions, triggered by recovery in global markets.
At the Multi Commodity Exchange platform, silver for September contract rose by Rs 77, or 0.27 per cent, to Rs 28,335 per kg, with an open interest of 4,514 lots.
In a similar fashion, the metal for delivery in December contract gained Rs 76, or 0.27 per cent, to Rs 28,471 per kg, with an open volume of 235 lots.
Analysts attributed rebounds in silver futures to a better trend in global markets on a weakening US dollar, which raised precious metals appeal as an alternative investment.
Covering-up of short positions by speculators also helped silver in snapping long spell of losing streak, they said. Meanwhile, silver rose 0.11 per cent to $17.55 an ounce in the Asian region.
