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Silver futures rose by 1.17 per cent to trade higher at Rs 60,179 per kg after speculators enlarged their positions, triggered by a rising trend overseas.
A firming trend at the domestic spot markets also influenced the metal’s price at futures trade.
At the Multi Commodity Exchange, silver for delivery in September surged by Rs 693 or 1.17 per cent to Rs 60,179 per kg, after rising to Rs 60,245 with a trade volume of 6,219 lots.
Similarly, the metal for delivery in December moved up by Rs 692 or 1.14 per cent to Rs 61,300 per kg, after it touched a high of Rs 61,356 per kg, with a trade turnover of 355 lots.
Market analysts said the rise in silver futures was mostly due to a firming trend overseas on concerns that steps announced by European officials would not be sufficient to constrain the region’s sovereign debt woes, which triggered the demand for precious metals.
Meanwhile, silver climbed 1.22 per cent to $40.67 an ounce in Asian region.
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