Silver prices rose by 783 rupees to 55649 rupees per kg in futures trading on sustained buying by speculators in line with strong global trend.
Silver futures erased the early losses, retreating from the lowest level in almost seven days after disappointing U.S. economic data and amid lingering fears over the euro zone’s sovereign debt crisis.
The prospect of tightening monetary policy is casting a shadow over the bullion outlook. Bullion tends to benefit from low real interest rates, as they reduce the opportunity cost of holding non-interest bearing bullion.
Today, MCX Silver future expected to move up to 56500 rupees on continuous buying sentiment from international market.