Silver futures rise on spot demand

Silver prices shot up by Rs 734 to Rs 53,285 per kg in futures trade today on increased buying by speculators following rising spot market demand for the ongoing festivals amid a firming Asian trend.

At the Multi Commodity Exchange, March silver jumped up by Rs 734, or 1.40%, to Rs 53,285 per kg, with a business turnover of 263 lots.

The December contract shot up by Rs 669, or 1.31%, to Rs 51,850 per kg, with an open interest of 9,915 lots.

Meanwhile, silver climbed 2.7% to $30.72 an ounce in Singapore.