Silver prices surged by 3.60% to Rs 71,290 per kg in futures trade today after speculators enlarged their positions, driven by a firming trend overseas on weakening dollar.
At the Multi Commodity Exchange, silver for delivery in May shot up by Rs 2,470, or 3.60% to Rs 71,290 per kg, with a trade volume of 7,023 lots.
It had ended at Rs 68,820 per kg in the previous session.
Similarly, the metal for delivery in September gained Rs 2,518, or 3.59% to Rs 72,455 per kg, with a business turnover of 287 lots.
The white metal for delivery in December spurted by Rs 2,492, or 3.52% to Rs 73,329 per kg, with a turnover of 114 lots.
According to analysts, the rally in silver futures was mostly driven by a firming trend overseas, after dollar weakened following the US Federal decision to keep short-term interest rates unchanged, boosted demand for the precious metals.
Meanwhile, silver climbed 0.61% to $48.06 an ounce in Asian region, the highest level since 1980.