Silver prices went up by Rs 285 to Rs 37,510 per kg at the futures trade today after participants built-up speculative positions, largely driven by a firm trend overseas.
On the Multi Commodity Exchange, silver for delivery in March shot up by Rs 285 or 0.77 per cent to Rs 37,510 per kg in a business turnover of 859 lots.
Similarly, the white metal for delivery in May rose Rs 281 or 0.75 per cent to Rs 37,746 per kg in 27 lots.
Market analysts attributed the rise in silver prices at the futures trade to a firm trend in the global markets as falling retail sales in the US cast doubt on the pace of growth in the world’s largest economy, boosting demand for a safe haven.
Meanwhile, the white metal advanced 0.7 per cent to $16.96 an ounce in Singapore.