Silver futures up on spot demand for Akshaya Tritiya

Tracking a firming trend in spot markets on retailers buying for the 'Akshaya Tritiya' festival, silver prices moved up by 0.34% to Rs 55,741 per kg in futures trading today.

At the Multi Commodity Exchange, silver for delivery in May strengthened by Rs 188, or 0.34%, to Rs 55,741 per kg, with a business turnover of 1,780 lots.

Likewise, the metal for delivery in July far-month traded higher by Rs 187, or 0.33%, to Rs 57,375 per kg, with a trade volume of 147 lots.

Market analysts said a firming trend in spot markets following a rise in demand for the precious metals from stockists and jewellers for the auspicious 'Akshaya Tritiya' festival, helped silver futures to trade higher at futures trade.

Meanwhile, silver ready traded Rs 75 higher at Rs 56,575 per kg in the national capital in yesterday's trade.