Silver prices were sharply up by 1.77 per cent at Rs 37,033 per kg in futures trading today as participants built fresh positions buoyed by firm global cues.
At the Multi Commodity Exchange, silver for delivery in far-month March 2015 contracts gained by Rs 644, or 1.77 per cent, to Rs 37,033 per kg on a business turnover of 921 lots.
Likewise, the white metal for delivery in December contracts traded higher by Rs 599, or 1.68 per cent, to Rs 36,228 per kg in 14,615 lots.
Market analysts said fresh positions built up by speculators were buoyed by a firm global trend on speculation the European Central Bank may purchase assets, including bullion, to counter low inflation. This influenced precious metal prices at futures trade.
Meanwhile, silver rose by 1.20 per cent to USD 16.33 an ounce in Singapore.
