Silver futures up 0.46 pc on global cues

New Delhi, Mar 11 (PTI) Silver futures prices shot up by 0.46 per cent to Rs 54,877 per kg today, as traders enlarged their positions on the back of a firming trend in Asian trade.

A firming trend in the spot market on strong demand, due to the ongoing marriage season, also influenced the uptrend in the silver futures prices.

At the Multi Commodity Exchange, silver for delivery in September gained Rs 263, or 0.46 per cent, to Rs 54,877 per kg, with a business turnover of a single lot.

The white metal prices for delivery in May also rallied by Rs 220, or 0.42 per cent, to trade at Rs 53,194 per kg, with a business turnover of two lots.

Silver in the Asian region, gained 0.2 per cent, to USD 35.36 an ounce.

Analysts said a firming trend in precious metals overseas, as concern about mounting unrest in theMiddle East and northern Africa spurred demand for precious metals as an alternative investment, buoyed the sentiments at futures trade here.

(Source: http://in.news.yahoo.com/silver-futures-0-46-pc-global-cues-20110310-222200-785.html)