Tracking a rising trend in precious metals in global markets, silver futures prices rose sharply by 1.61 per cent to Rs 41,004 per kg today as speculators built-up fresh positions amid covering-up of short positions.
On the Multi Commodity Exchange, silver for delivery in September traded higher by Rs 650 or 1.61 per cent to Rs 41,004 per kg in a business turnover of 3,729 lots.
On the similar lines, the white metal for delivery in far-month December traded higher by Rs 600 or 1.46 per cent at Rs 41,800 per kg in a turnover of 101 lots.
In the international market, the white metal advanced 2.1 per cent to trade at $19.93 an ounce in Singapore.
Market analysts said besides covering-up of short positions by speculators, a firm trend in precious metals in the global market on expectations that the US Federal Reserve will sustain stimulus amid a weak dollar overseas, boosted the futures trade here.