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Silver futures prices shot up by 1.42 per cent to Rs 60,167 per kg today as speculators enlarged their positions, powered by a firming global trend amid renewed concerns over the slowing economy.
At the Multi Commodity Exchange, silver for delivery in September rose by Rs 841 or 1.42 per cent to Rs 60,167 per kg, with a business turnover of 7,419 lots.
Similarly, the metal for delivery in December moved up by Rs 785 or 1.30 per cent, to Rs 61,373 per kg with a trade volume of 408 lots.
Market analysts said a firming global trend on concerns that economic growth may be slowing, raised demand for the precious metals as an alternative investment.
Also, strong demand at the domestic market for the marriage season also buoyed sentiments, they said.
Meanwhile, silver shot up by 4.10 per cent to $40.85 an ounce in the US market yesterday.
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