New Delhi, July 11: Tracking a recovery in precious metals in the global markets, silver futures prices rose sharply by 1.98 per cent to Rs 40,970 per kg on Thursday as speculators built-up fresh positions amid covering-up of short positions.
On the Multi Commodity Exchange, silver for delivery in September traded higher by Rs 796 or 1.98 per cent to Rs 40,970 per kg in a business turnover of 1,505 lots.
On the similar lines, the white metal for delivery in far-month December traded higher by Rs 726 or 1.77 per cent at Rs 41,634 per kg in a turnover of 25 lots.
In the international market, the white metal climbed 3.01 per cent to $19.99 an ounce in Singapore, the highest since July 1.
Market analysts said besides short-covering by speculators, recovery in precious metals in the global market, after US Federal Reserve Chairman Ben Bernanke said that its stimulus drive would be kept in place for some time, influenced silver prices at the futures trade.
