Silver futures closed higher in the domestic market on Friday tracking a firm trend overseas. Market analysts said speculative position created by participants, driven by a firm global trend, supported the upside at silver futures.

At the MCX, Silver futures for July 2016 contract closed at Rs 47,587, per 10 gram, up by 1.48 % after opening at Rs 46,901, against the previous closing price of Rs 46,893. It touched the intra-day high of Rs 47,598.

Hedge funds and money managers again raised their net long positions in COMEX gold and silver contracts to record highs in the week to July 5, as safe-haven assets gained appeal after the vote by Britain to leave the EU, US Commodity Futures Trading Commission (CFTC) data showed on Friday.