Silver futures prices shot up by 0.59 per cent to Rs. 59,177 per kg today as speculators created fresh positions after white metal climbed to a 31-year high in global market.

Firming trend at the domestic spot market also influenced silver prices at futures trade here.

At the Multi Commodity Exchange, silver for delivery in September gained Rs. 343, or 0.59 per cent, to trade at Rs. 59,177 per kg, with a business turnover of a single lot.

Similarly, the precious metal for delivery in May moved up by Rs. 9,228, or 0.40 per cent, to Rs. 57,755 per kg, with an open interest of three lots.

Globally, silver in the Asian region, gained 0.25 per cent, to trade at $ 39.38 an ounce, the highest price since 1980.

Analysts said firming trend in precious metals overseas as the sovereign-debt crisis in Europe deepened after Moody’s investors Service cut Portugal’s credit rating and higher oil prices worsened the inflation outlook, supported the upside in silver futures prices here.

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