Silver, meanwhile, gained 1.1% to $20.33.Silver futures rallied by more than 1 % during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal tracking a bullish trend in the overseas market amid speculation of increased policy losing across the globe in the wake of Brexit, bolstering the lure for the bullion, a hedge against the inflationary risk of monetary stimulus.

Traders are hopeful of a rate cut from the Bank of England on Thursday while Japan is set to boost fiscal spending after Prime Minister Shinzo Abe’s party won the weekend’s elections. Meanwhile, the US Federal Reserve is likely to stay put on interest rates until the end of the year.

At the MCX, Silver futures for September 2016 contract is trading at Rs 47,890 per 10 grams, up by 1.16 per cent, after opening at Rs 47,832, against a previous close of Rs 47,342. It touched the intra-day high of Rs 48,100.

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