Silver moved up by Rs 505 to Rs 53,774 per kg in futures trading today as speculators enlarged their positions, driven by a rise in spot market demand amid a firming global trend.
At the Multi Commodity Exchange, December silver rose by Rs 505, or 0.95%, to Rs 53,774 per kg, with a business turnover of 13,214 lots.
The March contract gained Rs 433, or 0.79%, to Rs 55,100 per kg, with an open interest of 215 lots.
Market analysts said increased buying by speculators to meet the festive demand amid reports of a rising trend in Asian region, mainly led to the rise in silver futures prices.
Meanwhile, silver gained 0.8% to $32.31 an ounce in Singapore.
