MCX Silver May contract firms up by 0.27% to Rs 36,960 per kg

Silver futures prices on MCX were trading firm on Tuesday, as the precious metal weakened overseas on strengthening dollar.

At the Multi Commodity Exchange, silver for May delivery gained by Rs 98, or 0.27%, to Rs 36,960 per kg as speculators enlarged positions in futures trading. Silver touched an intraday high of Rs 37003 and an intraday low of Rs 36883. So far 1254 futures contracts have been traded on MCX.

In the national capital, Silver ready also dropped by Rs 600 to Rs 37,000 per kg and weekly-based delivery by Rs 385 to Rs 36,700 per kg amid a weak trend overseas and low demand from jewellers. Silver coins plummeted by Rs 1,000 to Rs 59,000 for buying and Rs 60,000 for selling of 100 pieces, mostly in tune with fall in silver prices.

Gold prices in the international market have risen amid weak US dollar. Bullion investors eyed on upcoming European Central Bank meeting on Thursday, when it was expected to announce details of its quantitative easing program.

Meanwhile, Comex silver futures for May delivery dipped 5.6 cents, or 0.34%, to trade at $16.39 a troy ounce.