Silver futures up by 1.6% on firm global cues

Silver prices zoomed Rs 577 to trade at Rs 35,588 per kg in futures trading today as participants built fresh bets amid a firm trend in precious metals overseas.

In futures trading, silver for delivery in far-month May spurted by Rs 577 or 1.65% to trade at Rs 35,588 per kg at the Multi Commodity Exchange in a business turnover of 27 lots.

Likewise, the white metal for delivery in March gained Rs 566 or 1.63% to Rs 35,245 per kg in 1,179 lots.

Analysts said widening of positions by speculators in step with a firm trend in global markets influenced the silver prices in futures trade.
 
Meanwhile, silver shot up by 1.93% to $14.50 an ounce in New York in yesterday's trade.