Silver futures were trading higher during the afternoon trade in the domestic market on Friday as investors and speculators widened their positions in the precious metal tracking a rally overseas as a weaker dollar bolstered the lure for silver as an alternative asset. Weaker greenback makes silver cheaper for those holding other currencies, thus boosting demand.

The dollar weakened against a basket of key currencies as investors are waiting to see whether the Fed Chair, in her speech later in the day, will back recent comments from FOMC officials who signaled that a rate hike could come as soon as September. At the MCX, silver futures for September 2016 contract is trading at Rs 43,864 per kg, up by 0.47 per cent, after opening at Rs 43,822, against a previous close of Rs 43,659. It touched the intra-day high of Rs 43,928.

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