Silver futures trade higher on global cues

Silver prices shot up by Rs 580 to Rs 55,175 per kg in futures trade today as speculators enlarged their positions in tandem with a firming trend in Asian region.

At the Multi Commodity Exchange, silver for delivery in March shot up by Rs 580, or 1.06%, to Rs 55,175 per kg, with a business turnover of 176 lots.

Likewise, the metal for delivery in December jumped up by Rs 538, or 1.01%, to Rs 53,777 per kg, with a trade volume of 9,449 lots.

Market analysts said besides a firming trend in Asian region, increased buying by speculators on hopes of a rise in spot market demand mainly led to the rise in silver prices at futures trade.

Meanwhile, silver prices rose by 1.4% to USD 32.44 an ounce in Singapore.