Silver prices soared Rs 151 to Rs 40,529 per kg at the futures trade as speculators widened positions, tracking a firm trend in precious metals overseas.
At the Multi Commodity Exchange, silver for delivery in December surged Rs 151 or 0.37 per cent to Rs 40,529 per kg in a business turnover of 270 lots. The white metal for delivery in September too was trading higher by Rs 128 or 0.32 per cent to Rs 39,855 per kg in 1,538 lots.
Market analysts said speculative positions built up by participants, driven by a firm global trend, after North Korea fired a ballistic missile over Japan, boosting the demand for safe haven amid escalating tensions between Pyongyang and the US and its allies, mainly attributed to the rise in silver prices at the futures trade here.
Meanwhile, silver surged 0.09 per cent to $17.44 an ounce in Singapore.