Silver moves up in futures trade on spot demand

Silver prices moved up by Rs 257 to Rs 59,300 per kg in futures trading today as speculators created fresh positions, driven by pick up in spot demand.

At the Multi Commodity Exchange, July silver rose by Rs 257, or 0.44% to Rs 59,300 per kg in business turnover of 139 lots.

The May contract gained Rs 233, or 0.40% to Rs 57,941 per kg in 4215 lots.

Analysts said fresh buying by speculators on the back of a rise in demand in the spot market mainly pushed up silver prices at futures trading.