Silver prices up by 3.5% on positive global cues

Silver prices went up by a whopping Rs 1,222 to Rs 35,766 per kg in futures trading today as speculators widened positions amid firm trend in precious metals overseas.

At the Multi Commodity Exchange, silver for delivery in December traded notably higher by Rs 1,222, or 3.54 per cent, at Rs 35,766 per kg in a business turnover of 3,367 lots.

Likewise, the white metal for delivery in far-month March next year was trading higher by Rs 1,201, or 3.40 per cent, to Rs 36,510 per kg in 32 lots.

Market analysts said speculative positions built up by participants, tracking a firm trend global markets for precious metals after weak US jobs report reduced the possibility of an interest rate increase by the Federal Reserve this year, influenced silver prices at futures trade.
 
Meanwhile, silver was trading at USD 15.25 an ounce in Singapore today after surging 4.9 per cent on Friday, the most since January 16.