Buoyed by a firming trend in Asian trade, silver futures prices shot up by 0.41% to Rs 53,347 per kg today as traders indulged in enlarging their positions.
A firming trend in the spot market on rising demand, driven by ongoing marriage season, also supported the upside in silver prices in futures trade here.
At the Multi Commodity Exchange, silver for delivery in July rose by Rs 119, or 0.41%, to Rs 53,347 per kg, with a turnover of 2,143 lots.
Prices of the shiny metal for September delivery also gained Rs 186, or 0.35%, to Rs 54,000 per kg, with an open interest in 32 lots. Meanwhile, silver rose 0.49% to $35.11 an ounce in the Asian region in early trade today.
Analysts said the a firming trend in precious metals in Asian trade influenced silver prices in futures trade here.
In addition, a pick-up in demand in the domestic spot market, driven by the ongoing marriage season, also buoyed the sentiment, they added.