Silver futures rise on spot demand

Silver price on Tuesday climbed Rs 178 to Rs 71,840 per kilogram in futures trade as participants widened their bets on a firm spot demand.

New Delhi: Silver price on Tuesday climbed Rs 178 to Rs 71,840 per kilogram in futures trade as participants widened their bets on a firm spot demand.

On the Multi Commodity Exchange, silver contracts for September delivery gained Rs 178 or 0.25 per cent to Rs 71,840 per kg in 11,528 lots.

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Analysts said the rise in silver prices was mainly due to fresh positions built up by participants on a positive domestic trend.

Globally, silver was trading 0.41 per cent higher at USD 23.76 per ounce in New York.