Silver futures climb Rs 107 on firm global cues

Silver prices soared Rs 107 to Rs 38,697 per kg in futures trade today as speculators widened positions, tracking a firming trend in the precious metals overseas.

At the Multi Commodity Exchange, silver for delivery in September surged by Rs 107, or 0.28 per cent, to Rs 38,697 per kg in a business turnover of 675 lots.

The white metal for delivery in December was trading higher by Rs 100, or 0.26 per cent, to Rs 39,220 per kg in 20 lots.

Market analysts said, speculative positions built up by participants driven by firm global trend due to prevailing tensions between the US and North Korea raising demand for the precious metals as a safe-haven, influenced the white metal prices here.

Meanwhile, silver surged 2.95 per cent to USD 16.92 an ounce in New York yesterday.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)