Silver prices shot up by 0.73 per cent to Rs 61,327 per kg at the futures trading today largely supported by a firming trend overseas as a weaker dollar spurred the demand for the precious metals an alternative investment.
At the Multi Commodity Exchange, silver for delivery in March spurted by Rs 444 or 0.73 per cent to Rs 61,327 per kg with a business turnover of 9,622 lots. Likewise, the metal for delivery in May traded higher by Rs 369 or 0.43 per cent to Rs 63,199 per kg with a trade volume of 5,608 lots.
Analysts said the rise in silver futures prices was mostly supported by a firming trend overseas as a weakening dollar raised the demand for the precious metals as a safe haven.
Globally, the white metal moved up by 4.15 per cent to $36.93 an ounce in New York yesterday.