Silver futures prices shot up by 2.64 per cent to scale a new high of Rs 56,450 a kg, surpassing all its previous records, buoyed by firming trend overseas.

Increasing domestic demand driven by the ongoing marriage season helped the white metal in setting the record high level.

At the Multi Commodity Exchange counter, silver for delivery in December went up by Rs 1,450 or 2.64 per cent, to an all-time high of Rs 56,450 a kg, with a business volume of just one lot.

Similarly, the white metal for delivery in May contract rallied by Rs 863, or 1.62 per cent to trade at a new high of Rs 54,280 a kg, with a business volume of one lot.

Globally, silver in the Asian region, gained 2.1 per cent, to trade at $36.3675 an ounce, the metal’s fresh high since 1980.

Analysts said a firm trend in precious metals overseas, as unrest in Libya and other key Middle Eastern countries boosted their appeal as safe-haven asset, buoyed the trading sentiment at futures trade here.

Rising spot demand following the ongoing marriage season, too, influenced silver futures prices, they added.

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