Silver traded higher by 1.06 per cent in futures market on Monday on emergence of buying by traders that sparked by a firming global trend amid fresh demand for the festive season.
The metal for far-month May contract rose by 1.06 per cent at Rs 20,218 per kg on the Multi Commodity Exchange.
March-month contract also gained 0.82 per cent at Rs 20,000 per kg with trading volume of 42 lots while near-month December contract by 0.91 per cent 19,680 per kg. The contract recorded a business volume of 3,917 lots.
Traders said increased offtake by industrial users and report of better trend in global markets mainly pushed up silver prices in futures market here.
They said a better trend in global bullion markets following rebounding crude oil prices raised concerns of inflation and boosted demand for precious metals as a safe hedge.