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Monday, 16 June 2014

MCX Silver July and September futures up on a firming trend in precious metal overseas

Prices of silver futures proceeded on Monday in MCX. Prices of silver jumped 1.13 per cent to Rs 42,350 per kg in futures trade today as participants engaged in creating speculative activities on a firming trend in the precious metal overseas.

MCX Silver July futures contract was trading at Rs 42350 up Rs 475, or 1.13 percent. Silver price hit an intraday high of Rs 42434 and an intraday low of Rs 41999.

On similar lines, the whte metal MCX Silver September futures contract was trading at Rs 42539 up Rs 537, or 1.28 percent.

Market observers attributed the increases in silver prices in futures trade to a firming a tendency overseas as the upsurge in violence in Iraq boosted demand for the precious metal as a safe heaven.

Also on the U. S. Comex Exchange , silver for July delivery inched up 0.57%, or 11.2 cents, to trade at $19.76 a troy ounce.

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