Silver futures closed higher in the domestic market on Monday as participants raised their bets amid firming global trends.Analysts attributed the rise in silver prices at futures trade to a firming trend in the precious metals overseas. 

At the MCX, silver futures for March 2017 contract closed at Rs 40,680 per kg, up by 0.84 per cent, after opening at Rs 40,330, against a previous close of Rs 40,342. It touched the intra-day high of Rs 40,780.

       Trading Ideas

1. Silver trading range for the day is 40005-41121.

2. Silver gained as dollar dropped and as the precious metal continued to recover from its selloff into the end of last year.

3. The Labor Department said the U.S. economy added 156,000 jobs in December, falling short of economists forecast for jobs growth of 178,000.

4. The report showed that the annual rate of wage growth rose to 2.9% in December from a year earlier, the strongest since 2009.