Silver moves up in futures trade on global cues

Silver prices moved up by Rs 369 to Rs 60,250 per kg in futures trade today as speculators enlarged their positions, taking a positive cues from overseas markets.

At the Multi Commodity Exchange, the December contract shot up by Rs 369, or 0.62%, to Rs 60,250 per kg in business turnover of 11,247 lots.

The March contract traded higher by Rs 339, or 0.55%, to Rs 62,090 per kg in 610 lots.

Market analysts said increased buying by speculators on hopes a rise in demand in the spot market during festive season amid a firm global trend mainly pushed up silver futures.

Meanwhile, silver rose to a one-week high of $32.50 an ounce in Singapore.