Silver futures prices moved up by Rs 315 to Rs 58,098 per kg today, taking positive cues from overseas markets.

Covering-up of short positions by speculators at prevailing levels, also supported the recovery in silver futures prices.

At the Multi Commodity Exchange, silver for delivery in March rose by Rs 315, or 0.55 per cent, to Rs 58,098 per kg, with a business turnover of 619 lots.

Likewise, the metal for delivery in May traded higher by Rs 289, or 0.48 per cent, to Rs 59,919 per kg, with a trade volume of 2,738 lots.

Globally, silver surged 1.4 per cent to USD 35.17 an ounce in early trade today in Singapore. It plunged 6 per cent yesterday, the highest since December 14.

Market analysts said recovery in silver future prices was mostly attributed to a rebound in overseas markets as investors bought the metal at prevailing levels.