Silver futures up on global cues

silver prices rose by Rs 241 to Rs 54,960 per kg in futures trade today as speculators created fresh positions, taking positive cues from overseas market.

At the Multi Commodity Exchange, silver for delivery in December rose by Rs 241, or 0.39%, to Rs 54,960 per kg, with a business turnover of 225 lots.

The September contract moved up by Rs 174, or 0.33%, to Rs 53,341 per kg, with a business volume of 8,076 lots.

Market analysts said fresh buying by speculators in tandem with a firming global trend mainly led to a rise in silver prices at futures trade.

Meanwhile, silver gained 0.4% to $27.21 an ounce in Singapore.