Silver futures rise on spot demand

New Delhi, Aug 21 (PTI) Silver price on Monday climbed Rs 116 to Rs 70,351 per kilogram in futures trade as participants widened their bets on a firm spot demand.

On the Multi Commodity Exchange, silver contracts for September delivery gained Rs 116 or 0.17 per cent to Rs 70,351 per kg in 14,023 lots.

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

Globally, silver was trading 0.50 per cent higher at USD 23.18 per ounce in New York.