Silver shot up by 0.4 per cent to Rs 53,600 per kg at the futures trade today as speculators built-up fresh positions, taking positive cues from global markets.
At the Multi Commodity Exchange, silver for delivery in March rose Rs 213 or 0.4 per cent to Rs 53,600 per kg with a business volume of 3,159 lots. Likewise, the metal for delivery in May moved up by Rs 208 or 0.38 per cent to Rs 54,710 per kg with a trade turnover of 117 lots.
Market analysts said the rise in silver prices at the futures trade was mostly supported by a firming trend in the overseas markets as a weaker dollar generated demand for the precious metals as an alternative investment.
Meanwhile, silver gained 1.1 per cent to $30.87 an ounce in London last night, the highest level since December 14.
