Silver futures up by over 0.5% on global cues

Supported by a firming trend overseas, silver prices rose by 0.55% to Rs 66,625 per kg in futures trade today as speculators enlarged their positions.

At the Multi Commodity Exchange, silver for delivery in September rose by Rs 364, or 0.55%, to Rs 66,625 per kg, with a business turnover of 12,099 lots.

In a similar fashion, the metal for delivery in December moved up by Rs 349, or 0.37%, to Rs 68,050 per kg, with a trade turnover of 76 lots.

Analysts attributed the continued rise in silver futures prices to a firming trend in precious metals in world markets as the global economic slowdown and European debt crisis boosted demand for silver as an investment haven.

Meanwhile, silver shot up by 1.66% to USD 43.61 an ounce in the Asian region today.