Buoyed by a firming trend in the Asian markets and pick-up in spot demand, silver prices shot up by Rs 538 to Rs 52,835 per kg in futures trade today on increased buying by speculators.
At the Multi Commodity Exchange, December silver rose by Rs 538, or 1.03%, to Rs 52,835 per kg, with a business turnover of 10,718 lots.
The March contract gained Rs 446, or 1.03%, to Rs 54,222 per kg, with a trade volume of 185 lots.
Market analysts said apart from a rising trend in the Asian region, pick-up in demand in the spot market mainly pushed up silver futures prices.
Meanwhile, silver climbed up 2.7% to $31.98 an ounce in Singapore.
