Erasing initial losses, silver prices recovered by 1.6 per cent to Rs 49,434 per kg at the futures trade today as speculators created fresh positions, driven by a firm global trend.

On the Multi Commodity Exchange, silver for delivery in March shot up by Rs 780 or 1.6 per cent to Rs 49,434 per kg in a business turnover of 14,519 lots.

Similarly, the white metal for delivery in December traded higher by Rs 653 or 1.38 per cent to Rs 48,025 per kg in 166 lots.

Market analysts said fresh positions created by speculators in line with a firm global trend mainly pushed up silver prices at the futures trade.

Meanwhile, silver prices advanced 3.6 per cent to $22.17 an ounce in London.

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