Silver moves up on higher global cues

Increased demand in the market also supported prices

Supported by a firming global trend, silver traded higher by Rs 0.21% to Rs 54,596 per kg in futures trade today.

At the MCX, silver for delivery in July rose by Rs 117, or 0.21% to Rs 54,596 per kg in business turnover of 13,349 lots.

The September contract traded higher by Rs 119, or 0.21%, to Rs 55,971 per kg in 588 lots.

Market analysts said besides firming global trend, increased demand in the spot market mainly pushed up silver futures.

Meanwhile, silver added 0.9% to trade at $28.77 an ounce in Singapore.