Buoyed by a firming trend in the Asian markets and pick-up in spot demand,silver prices shot up by Rs 538 to Rs 52,835 per kg in futures trade today on increased buying by speculators.
At the Multi Commodity Exchange,silver for delivery in December rose by Rs 538,or 1.03 per cent,to Rs 52,835 per kg,with a business turnover of 10,718 lots.
Likewise,the metal for delivery in March gained Rs 446,or 1.03 per cent,to Rs 54,222 per kg,with a trade volume of 185 lots.
Market analysts said apart from a rising trend in the Asian region,pick-up in demand in the spot market mainly pushed up silver futures prices. Meanwhile,silver climbed up 2.7 per cent to $31.98 an ounce in Singapore.