Silver futures prices shot up by 1.42% to Rs 60,167 per kg today as speculators enlarged their positions, powered by a firming global trend amid renewed concerns over the slowing economy.
At the Multi Commodity Exchange, September delivery rose by Rs 841, or 1.42%, to Rs 60,167 per kg, with a business turnover of 7,419 lots.
Similarly, for delivery in December, it moved up by Rs 785, or 1.30%, to Rs 61,373 per kg, with a trade volume of 408 lots.
Market analysts said a firming global trend on concerns that economic growth may be slowing, raised demand for the precious metals as an alternative investment.
Also, strong demand in home market for the marriage season, also buoyed sentiments, they said.
Meanwhile, silver shot up by 4.10% to $40.85 an ounce in the US market yesterday.