Silver moves up in futures trade on global cues

Silver prices moved up by Rs 306 to Rs 61,186 per kg in futures trade today as speculators enlarged their positions, taking positive cues from overseas markets.

At the Multi Commodity Exchange, the December contract for silver shot up by Rs 306, or 0.50%, to Rs 61,186 per kg in business turnover of 885 lots.

The March contract traded higher by Rs 288, or 0.46%, to Rs 63,052 per kg in 62 lots.

Market analysts said increased buying by speculators on the back of a firming global trend as a weak dollar raised demand for the bullion as an alternative investment mainly pushed up silver futures.

Meanwhile, silver rose as much as 1.1% to $32.66 an ounce in Singapore.