Business IdeasSilver futures prices extend gain on increased offtake
Silver futures prices extended gain for the second straight day by adding 0.48 per cent on the Multi Commodity Exchange(MCX) today on increased offtake in the spot markets due to festival season.
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Firming global trend also supported the uptrend.Silver for September month contract went up 0.48 per cent to Rs 24,103 per kg with an open interest of 13,804 lots. It had gained 1.19 percent in yesterday"s trading.
Similarly, silver for December month strengthened by 0.38 per cent to Rs 24,182 per kg with an open interest of 1,698 lots.
Marketmen said apart from increased demand in the spot markets due to festival season firming global trend mainly helped silver prices to trade with further gains at futures market here.
Meanwhile, silver traded higher by 48 cent to 15.05 dollar an ounce in New York last night.