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Buoyed by a firming trend overseas, silver prices rose by over one per cent to Rs 61,800 per kg in futures trade today as speculators engaged in enlarging their positions in tandem with good domestic demand.
At the Multi Commodity Exchange, silver for delivery in September rose by Rs 620 or 1.01 per cent to Rs 61,800 per kg, with a business turnover of 2,914 lots.
Similarly, the metal for delivery in December moved up by Rs 575 or 0.92 per cent to Rs 63,021 per kg, with a turnover of 82 lots.
Market analysts said reports of a firming trend in the global markets, supported by worries about the spreading euro zone debt crisis and slowing global growth, fuelled the demand for the precious metal as an alternative investment, pushing up the silver futures prices.
In addition, a firming trend in the domestic bullion market on the back of marriage season demand supported the upside, they added.
Meanwhile, silver shot up by 2.6 per cent to $41.12 an ounce in the US market yesterday.
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