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Silver shot up by 0.39 per cent to Rs 52,770 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 204 or 0.39 per cent to Rs 52,770 per kg with a business volume of 2,031 lots. Likewise, the metal for delivery in May moved up by Rs 210 or 0.36 per cent to Rs 53,869 per kg with a trade turnover of 68 lots.
Market analysts the attributed recovery in silver futures to a firming global trend after a weaker dollar spurred demand for the precious metals as a safe haven.
Meanwhile, silver futures climbed 3.6 per cent to $29.81 an ounce in New York’s Comex last night after hitting a high of $30.31, the highest since December 14.
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