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Thursday, 19 March 2015

MCX Silver May futures gain Rs 716 on firm global cues

Silver futures prices on MCX were trading higher on Thursday, as traders built fresh positions amid covering-up of short positions amid a rebound in precious metals overseas market.

At the Multi Commodity Exchange, silver for delivery in May traded higher by Rs 716, or 2.03 per cent, to Rs 36,028 per kg. Silver hit an Intraday high of Rs 36,030 and an Intraday low of Rs 35,500. So far as MCX 3776 futures contracts have been traded.

On similar lines, the white metal for delivery in July was trading at Rs 36450 up Rs 637, or 1.78 percent.

Addition to this sharp seasonal and festive demand, silver retrieved smartly and closed above the significant level of 36,000 rupees following heavy speculative key extraction. Silver (0.999 fineness) raise Rs 545 to settle at 36,475 rupees per kg compared to Rs 35.930 yesterday.

Investors boosted demand for bullion in Asia on Thursday, because the Fed said a widely expected rise in interest rates this year may not come in the first half and a strong US currency is a key element in time.

In the international market, silver futures for May delivery soared 2.70% to trade at $15.977 a troy ounce.

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