Silver shot up by 0.40% to Rs 53,600 per kg in futures trade today as speculators built up fresh positions, taking positive cues from global markets.
At the Multi Commodity Exchange, silver for delivery in March rose by Rs 213, or 0.40%, to Rs 53,600 per kg, with a business volume of 3,159 lots.
Likewise, the metal for delivery in May moved up by Rs 208, or 0.38%, to Rs 54,710 per kg, with a trade turnover of 117 lots.
Market analysts said the rise in silver prices at futures trade was mostly supported by a firming trend in overseas markets as a weaker dollar generated demand for the precious metals as an alternative investment.
Meanwhile, silver gained 1.1% to $30.87 an ounce in London last night, the highest level since December 14.