Silver prices shot up by 2.45 per cent in futures trading on Tuesday on
increased buying by traders in line with a firming trend
in overseas bullion markets.
Silver for the March-month contract spurted 2.45 per cent to Rs 21,954 per kg on the Multi Commodity Exchange in a trading volume of 5,195 lots.
The metal for May contract jumped 2.24 per cent to Rs 22,188 per kg in a trading of 359 lots and July contract by 2.22 per cent to Rs 22,402 per kg in trading of seven lots.
Buying activity picked up as the precious metals, gold and silver, rallied in overseas markets. Silver gained 0.21 cent to 13.94 dollar an ounce abroad.
Meanwhile, in Singapore, gold rallied over 960 dollar an ounce, the highest in seven months, as investors bought the metal as an alternative to slumping equities and to preserve their wealth as the global economy sags.