Tracking a firm trend overseas, silver prices surged 0.48 per cent to Rs 38,174 per kg at the futures trade today as traders built up fresh positions.

At the Multi Commodity Exchange, silver for delivery in far-month July rose Rs 182 or 0.48 per cent to Rs 38,174 per kg in a business turnover of 401 lots.

Market analysts said fresh positions created by participants in line with a firm trend in global markets, mainly influenced silver prices at the futures trade.

Meanwhile, silver rose 0.34 per cent to $16.36 an ounce in Singapore.