Silver prices spurted Rs 277 to trade at Rs 45,860 per kg at the futures trade today as participants indulged in enlarging positions amid a firm trend in precious metals overseas.
At the Multi Commodity Exchange, silver for delivery in December was up by Rs 277 or 0.61 per cent at Rs 45,860 per kg in a business turnover of 949 lots.
Likewise, the white metal for delivery in far-month March zoomed Rs 237 or 0.51 per cent to Rs 46,700 per kg in nine lots.
Analysts said widening of positions by speculators in step with a firm trend in global markets as a weak dollar raised the appeal for precious metals, influenced silver prices at the futures trade.
Globally, silver edged higher 0.37 per cent at $19.24 an ounce in Singapore today.
Meanwhile, silver has rallied 39 per cent this year, helped by a tailwind from gains in gold, as the Federal Reserve kept the US interest rates steady and other central banks increased stimulus to support growth.
An improving outlook for the US economy and Chinese manufacturing has also benefited silver, with industrial use accounting for more than half of the metal’s demand.