Silver prices shot up by 1.63% to Rs 52,080 per kg in futures trade today as speculators created fresh positions, influenced by a firm Asian trend.

At the Multi Commodity Exchange, December silver gained Rs 835, or 1.63%, to Rs 52,080 per kg, with a business turnover of 2,766 lots.

The March contract delivery jumped by Rs 785, or 1.49%, to Rs 53,437 per kg in 62 lots.

According to analysts, a firming trend in the Asian region on the reemergence of physical buying interest at prevailing levels due to the heightened attractiveness of silver as an alternative investment haven amid the debt crisis in Europe motivated speculators to augment their positions.

Meanwhile, silver gained 0.52% to $30.83 an ounce in Singapore. – PTI