Silver prices shot up by Rs 188 to Rs 52,933 per kg in futures trading today as speculators indulged in fresh buying, driven by a firming trend overseas.
At the Multi Commodity Exchange, the September contract for silver gained Rs 188, or 0.36%, to Rs 52,933 per kg, with a business turnover of 4,406 lots.
The July contract moved up by Rs 187, or 0.35%, to Rs 54,630 per kg, with a business turnover of 163 lots.
Market analysts attributed the rise in silver futures to a firm global trend after data showed that US retail sales unexpectedly declined last month, raising speculation that the Federal Reserve will take more steps to shore up the world's biggest economy.
Meanwhile, silver rose 0.7% to $27.53 an ounce in Singapore.