MCX silver futures for December 2012 contract, was trading at Rs 63,262 per kg, higher by 2.23%or Rs 1,380.
Silver futures for March 2013 contract, was seen trading higher by 2.25% at Rs 65,010 per kg on MCX at 02.15 pm IST. Spot silver on MCX was seen trading higher at Rs 61,463 per kg.
Mumbai spot silver of 999% purity was seen at Rs 63,630 per kg.
Sentiment was boosted as speculators enlarged their positions tracking firm global trend. Also, sustained buying from stockist helped in the movement.
The demand for silver is continuously rising fast due to increasing demand for the raw material for the manufacture of jewellery and silverware.
Unlike gold which is valued more as an investment, silver is valued as a commodity also along with an investment. Supply-demand factor plays a major role while determining the price of the silver.