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.
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