Silver futures up 1.37% on global cues

Silver prices rose as much as 1.37% to Rs 55,074 per kg in futures trading today, as speculators enlarged their positions, driven by a rebound in global markets.

At the Multi Commodity Exchange, silver for delivery in December shot up by RS 745, or 1.37%, to Rs 55,074 per kg, with a business turnover of 3,393 lots.

The metal for delivery in March also moved up by Rs 720, or 1.28%, to Rs 56,800 per kg, with an open interest of 419 lots.

In the Asian region, silver gained 1.1% to $31.61 an ounce in early trade today.

Market traders attributed recovery in silver prices at futures trade to a rebound in precious metal in overseas markets backed by a softer dollar and hopes Italy may secure financial aid as Europe takes steps this week to ease funding strains on the euro zone's troubled economies.