Silver prices on Wednesday increased by Rs 227 to Rs 64,010 per kg in futures trade as participants widened their bets amid firm spot demand.

On the Multi Commodity Exchange, silver contracts for March delivery gained Rs 227 or 0.36 per cent to Rs 64,010 per kg in 242 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 0.33 per cent higher at USD 21.14 per ounce in New York.