Silver futures up 1.24 pc on spot demand, global cues

NEW DELHI: Buoyed by a firming trend in the Asian region and a pick-up in demand in the spot market for the festive season, silver prices shot up by Rs 639 to Rs 52,340 per kg in futures market here on increased buying by speculators.

At the Multi Commodity Exchange, silver for delivery in December month shot up by Rs 639, or 1.24 per cent to Rs 52,340 per kg, with a business turnover of 7,362 lots.

Likewise, the metal for delivery in March jumped up by Rs 615, or 1.16 per cent, to Rs 53,784 per kg, with a trade volume of 166 lots.

Market analysts said besides a firming trend in Asian region, pick-up in demand in the spot market supported by festive season mainly pushed up silver prices at futures trade.

Meanwhile, silver in Singapore climbed up by 0.9 per cent to USD 30.86 an ounce.