Silver futures rise on spot demand

Silver prices on Wednesday increased by Rs 86 to Rs 65,500 per kilogram in futures trade as participants widened their bets amid a firm spot demand.

On the Multi Commodity Exchange, silver contracts for March delivery gained Rs 86 or 0.13 per cent to Rs 65,500 per kg in 18,020 lots.

Analysts said the rise in silver prices was mainly due to fresh positions built up by participants amid a positive trend in the market.

Globally, silver was trading 0.60 per cent higher at USD 22.47 per ounce in New York.