India: Silver futures rebound to Rs 71,290

New Delhi: Silver prices surged by 3.60 per cent to Rs 71,290 per kg in futures trade on Thursday after speculators enlarged their positions, driven by a firming trend overseas on weakening dollar.

At the Multi Commodity Exchange, silver for delivery in May shot up by Rs 2,470, or 3.60 per cent to Rs 71,290 per kg, with a trade volume of 7,023 lots.

It had ended at Rs 68,820 per kg in the previous session. Similarly, the metal for delivery in September gained Rs 2,518, or 3.59 per cent to Rs 72,455 per kg, with a business turnover of 287 lots.

The white metal for delivery in December spurted by Rs 2,492, or 3.52 per cent to Rs 73,329 per kg, with a turnover of 114 lots.

According to analysts, the rally in silver futures was mostly driven by a firming trend overseas, after dollar weakened following the US Federal decision to keep short-term interest rates unchanged, boosted demand for the precious metals.

Meanwhile, silver climbed 0.61 per cent to USD 48.06 an ounce in Asian region, the highest level since 1980.

(Source: http://www.financialexpress.com/news/silver-futures-rebound-to-rs-71-290/782879/0)