Silver up by 1.1% on global cues

Silver prices were sharply up by Rs 441 to Rs 41,415 per kg in futures trade today after participants raised their bets amid firming global trends.

At the Multi Commodity Exchange, silver for delivery in far-month September was trading notably higher by Rs 441 or 1.08% to Rs 41,415 per kg in a business turnover of 48 lots.

Similarly, the white metal for delivery in July traded higher by Rs 428 or 1.06% to Rs 40,682 per kg in a business volume of 758 lots.

Analysts attributed the rise in silver prices at futures trade to a firming trend in the precious metals overseas as dollar's safe-haven appeal weakened on bets the Federal Reserve will keep interest rates on hold in the coming months.
 

Globally, silver zoomed 4.07% higher at $17.01 an ounce in New York yesterday.