Silver futures at record high

Continuing its record-breaking spree on the back of firming trend overseas, silver futures prices shot up by over 2 per cent to hit a new high of Rs 50,699 a kg.

Record levels in the spot market on rising demand, driven by the ongoing marriage season too influenced the white metal prices at futures trade here.

At the Multi Commodity Exchange counter, silver for delivery in September contract climbed Rs 1,043 or 2.10 per cent to trade at Rs 50,699 a kg — a level never seen before — with a turnover of four lots.

The silver for delivery in March contract also rallied by Rs 982 or 1.82 per cent to trade at a record high of Rs 49,420 a kg, with a turnover of one lot.

Globally, silver in the Asian region, gained 1.4 per cent, to trade at $33.10, the fresh high since 1980.

Analysts said firming trend in precious metals in the global markets as spreading unrest in West Asia boosted their appeal as a safe-haven asset, buoyed the trading sentiment at futures trade here.

Meanwhile, at Chennai bullion market, silver prices rallied by Rs 400 to trade at record high of Rs 50,065 a kg in the opening trade.