Silver futures prices soared in futures trade today after participants built up positions, taking positive cues from overseas markets on Fed rate hike outlook.
At the MCX, silver prices for delivery in May spurted by Rs 697, or 1.87%, to Rs 38,046 per kg. Prices touched an Intraday high of Rs 38,225 and an Intraday low of Rs 37,431. So far 3796 futures contracts have been traded in MCX.
Following futures market, silver ready recorded significant rise of Rs 900 to Rs 38,500 per kg and weekly-based delivery by Rs 830 to Rs 38,180 per kg. Silver coins also spurted by Rs 1,000 to Rs 57,000 for buying and Rs 58,000 for selling of 100 pieces.
On the Comex New York, silver futures for May delivery surged 40.2 cents, or 2.41%, to trade at $17.10 a troy ounce, while silver gained 0.2% to $17.10 an ounce in Singapore.
Bullion trading activity is expected to remain low on Monday, with markets in Europe, the U.K. and China all closed for holidays.