Silver futures up by 0.8% on global cues

Silver prices went up by a whopping Rs 285 to Rs 37,510 per kg in futures trade today after participants built-up speculative positions, largely driven by a firming trend overseas.

At the Multi Commodity Exchange, silver for delivery in March shot up by Rs 285, or 0.77%, to Rs 37,510 per kg in a business turnover of 859 lots.

Similarly, the white metal for delivery in May rose by Rs 281, or 0.75%, to Rs 37,746 per kg in 27 lots.

Market analysts attributed the rise in silver prices at futures trade to a firming trend in the global markets as falling retail sales in the US cast doubt on the pace of growth in the world's largest economy, boosting demand for a safe haven.

Meanwhile, silver advanced 0.70% to $16.96 an ounce in Singapore.