Silver futures strengthen as demand rises

Maintaining its rising streak for the third straight day, silver futures added 0.49 per cent on in afternoon trade on the Multi Commodity Exchange (MCX) today on sustained buying by speculators.

On the MCX counters at 1255 hours, silver the most-active July-month contract moved up by 0.49 per cent to Rs 23,691 per kg, with an open interest in 12,205 lots.

Similarly, the metal for delivery in the September contract edged up by 0.48 per cent to Rs 23,833 per kg, clocking 2,276 lots.

Marketmen said increased buying by speculators on hopes of a rise in demand in the spot markets, mainly led to the rise in silver futures.

Silver prices traded higher at $15.51 an ounce in the US market last night.