Silver futures prices sharply gained on Wednesday by Rs 517 to trade above the Rs 40,000 per kg as traders created speculative positions, largely driven by a firming trend overseas. Silver trading higher after a gap of four months in futures trade on Wednesday.
At the Multi Commodity Exchange, silver May futures contract surged by Rs 517, or 1.29 per cent, to Rs 40,650 per kg.
Sfutures hit an intraday high of Rs 40,534 and an intraday low of Rs 40408, and so far 50 contracts have been traded. While, 2043 contracts have been traded for Silver March futures on MCX.
In the national capital, Silver ready regained the Rs 40,000 per kg mark by spurting Rs 950 to Rs 40,150 per kg and weekly-based delivery by Rs 1,035 to Rs 40,215 per kg.
On the other hand, silver coins traded at last level of Rs 64,000 for buying and Rs 65,000 for selling of 100 pieces on restricted buying at higher levels.
Bullion merchants said domestic market, driven by wedding season demand amid firming global cues.
Globally, on the Comex, silver futures for March delivery tacked on 21.2 cents, or 1.18%, to trade at $18.16 a troy ounce, the highest level since September 19.