Silver futures up on high spot demand

Silver futures prices rose by Rs 109 to Rs 42,305 per kg today on pick up in spot demand on the back of the ongoing marriage season, amid a firm global trend.

At the Multi Commodity Exchange counter, silver for delivery in July rose by Rs 109, or 0.26 per cent to Rs 42,305 per kg, with a business turnover of two lots.

The white metal for delivery in May gained Rs 19, or 0.05 per cent to Rs 42,082 per kg, with a trade volume of just one lot.

Market analysts said speculators building their holdings on rising demand for the marriage season, amid a firm global trend led to the rise in gold futures prices.

Meanwhile, silver rose by 1.90 per cent to $27.87 an ounce in New York last evening.