Silver futures recovers on global cues

Silver prices rebounded by 0.62 per cent to Rs 43,573 per kg in futures trading today on fresh buying by speculators, influenced by a firming trend overseas.

At the Multi Commodity Exchange counter, silver for May contract recovered sharply by Rs 238, or 0.62 per cent to Rs 43,573 per kg, with a trading volume of one lot, while March contract shot up by Rs 238, or 0.55 per cent to Rs 43,379 per kg, with an open interest of two lots.

Marketmen said trading sentiment boosted as the metal in overseas markets gained one per cent to $28.66 after a fall of 6 per cent in the last two sessions.

They said weaker dollar amid expectations the US Federal Reserve would inject more funds to bolster the global economies, raised the appeal of precious metals as an alternative to currencies.