Silver futures soar Rs 407 on firm global cues

Silver prices went up by Rs 407 to trade at Rs 39,880 per kg in futures trade today as participants indulged in enlarging positions amid a firm trend in precious metals overseas.

In futures trade, silver for delivery in December was up by Rs 407, or 1.03 per cent, at Rs 39,880 per kg at the Multi Commodity Exchange, in a business turnover of 54 lots.

Likewise, the white metal for delivery in September spurted Rs 395, or 1.02 per cent, to Rs 39,258 per kg in 492 lots.

Analysts said widening of positions by speculators in step with a firm trend in global markets as the dollar slipped against a basket of major currencies after the release of the minutes from Federal Reserve's July meeting at which policymakers voted unanimously to keep US interest rates unchanged, influenced silver prices at futures trade.

Meanwhile, silver was up 0.15 per cent to USD 17.13 an ounce in Singapore today.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)