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Silver futures prices shot up by 0.59 per cent to Rs 59,177 a kg today as speculators created fresh positions after white metal climbed to a 31-year high in the global market.
Firming trend at the domestic spot market also influenced prices at futures trade here.
At the Multi Commodity Exchange, silver for delivery in September gained Rs 343 or 0.59 per cent to trade at Rs 59,177 a kg, with a business turnover of a single lot.
Similarly, the precious metal for delivery in May moved up by Rs 9,228 or 0.40 per cent to Rs 57,755 a kg, with an open interest of three lots.
Globally, silver in the Asian region, gained 0.25 per cent, to trade at $39.38 an ounce, the highest price since 1980.
Analysts said firming trend in precious metals overseas as the sovereign-debt crisis in Europe deepened after Moody’s Investors Service cut Portugal’s credit rating and higher oil prices worsened the inflation outlook, supported the upside in prices here.
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