Silver prices went up by a whopping Rs 603 to Rs 48,725 per kg in futures trading today as participants widened their positions, tracking a firm trend in global market.
At the Multi Commodity Exchange, silver for delivery in far-month December was trading notably higher by Rs 603, or 1.25 per cent, to Rs 48,725 per kg, in a business turnover of 47 lots.
Similarly, the white metal for delivery in September was up by Rs 595, or 1.27 per cent, to Rs 47,614 per kg in 1,608 lots.
Analysts said a firming trend overseas where silver rallied after the US Federal Reserve indicated it would take a slow, measured approach to any interest rate hikes amid a weakening dollar raised demand for the safe-haven, mainly influenced the white metal prices at futures trade.
Globally, silver rose 3.75 per cent to USD 20.32 an ounce in New York yesterday.
