New Delhi, May 16 — Silver prices witnessed a marginal uptick in futures trading on Friday as traders increased their positions, reflecting renewed interest in the precious metal despite weaker global cues.
On the Multi Commodity Exchange (MCX), silver contracts for July delivery inched up by ₹15 or 0.02 percent to ₹96,520 per kilogram. The session saw a business turnover involving 20,481 lots.
According to analysts, the rise in domestic futures was primarily driven by the buildup of fresh positions from market participants. The buying momentum came in despite a dip in international silver rates.
In global markets, silver was trading 0.61 percent lower at USD 32.44 per ounce on the New York exchange, signaling a cautious outlook on the international front.
The divergence between local and global trends indicates domestic demand resilience, possibly influenced by industrial consumption and investment hedging amid market uncertainties.