Silver futures closed higher in the domestic market on Friday tracking a firm trend in global market. Analysts attributed the rise in silver prices at the futures trade to a firm trend overseas as dollar’s safe-haven appeal weakened after the US Federal Reserve reiterated a gradual approach to raising interest rates.

 At the MCX, Silver futures for September 2016 contract closed at Rs 47,435, per 1 kg, up by 0.15 per cent after opening at Rs 47,515, against the previous closing price of Rs 47,362. It touched the intra-day high of Rs 48,644.

Silver on MCX settled up 0.25% at 47480 as the U.S. Dollar fell sharply amid subdued GDP data and a soaring Yen after the Bank of Japan approved modest stimulus measures at a closely-watched meeting in Tokyo. Market players piled into the precious metal in broad risk-off trade following the shocking decision from voters in the U.K. to leave the European Union on June 24. 

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