Silver prices zoomed Rs 397 to Rs 38,488 per kg in futures trade today as speculators built up positions amid a higher global trend.
In futures trading at the Multi Commodity Exchange, silver for delivery in September was trading notably higher by Rs 397, or 1.04 per cent, to Rs 38,488 per kg in a business turnover of 1,330 lots.
The white metal for delivery in December was trading up by Rs 343, or 0.89 per cent, to Rs 39,087 per kg in 25 lots.
Analysts said, speculators created fresh positions in tune with higher global trend as the dollar dropped to a 13- month low after the US Federal Reserve indicated that it would keep to a slow path of monetary tightening, boosting demand for the precious metals as a safe-haven, pushed silver prices higher at futures trade.
Meanwhile, silver rose 0.60 per cent to USD 16.73 an ounce in Singapore.
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