MCX Silver December futures contract gained 1.5% on firm global cues

Silver prices gained on Thursday on MCX. Silver futures rallied sharply by 1.5 per cent to Rs 38,818 per kg today as profiteers established new positions amid a firming trend in the precious metal overseas.

At the Multi Commodity Exchange, silver futures delivery in December was up by Rs 407, or 1.5 per cent, at Rs 39,818 per kg. Prices hit an intraday high of Rs 38787 and an intraday low of Rs 38350. So far 2115 contracts have been traded. Silver prices have moved down Rs 12,341, or 24.20 percent in the December series so far.

KheloMCX.com Market analysts said, fresh positions built by profiteers greatly in tandem with a firming trend in the precious metal overseas as the Fed expressed his concern the American economy could be in jeopardy of a global downturn, weakening the dollar and increasing the demand for safe haven, such an influence silver prices on futures trading.

On Wednesday showed that Fed report also showed that the central bank of the US reduced its growth forecast due to the dollar higher and concerns about global economic weakness.

Elsewhere in metals trading, Comex, silver for December delivery surged 2.57% to $17.502 a troy ounce.


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