Silver up by 0.4% on firm global cues

Speculative position created by participants helped prices of the precious metal

Tracking a firming trend in the precious metals overseas, silver prices were higher by Rs 181 to Rs 49,070 per kg in futures trade today as speculators widened their bets.

In futures trading at the Multi Commodity Exchange, silver for delivery in far-month December was trading higher by Rs 181, or 0.37%, to Rs 49,070 per kg, in a business turnover of 57 lots.

The white metal for delivery in September surged by Rs 163, or 0.34%, to Rs 47,951 per kg in 1,892 lots.

Marketmen said speculative position created by participants, driven by firm global trend as investors sought a haven from the sliding financial markets in the wake of the UK's vote last month to leave the European Union.
 
Meanwhile, silver climbed 0.42% to $20.14 an ounce in Singapore.