Silver futures hit record high

Silver prices gained Rs 171 to surge to a record high of Rs 51,660 a kg in futures trading on Thursday as speculators enlarged their positions, driven by firming trend in New York.

At the Multi Commodity Exchange, silver for delivery in September surged by Rs 171, or 0.33 per cent, to Rs 51,660 a kg, with a business turnover of a single lot.

Similarly, the silver for delivery in March contract shot up by Rs 161, or 0.32 per cent, to Rs 50,187 a kg, with an open interest of just one lot.

Analysts said fresh buying by speculators on hopes of a rise in spot demand amid firming trend in the global markets mainly pushed up silver futures prices to a record high.

Meanwhile, silver traded 1.45 per cent higher at $ 33.54 an ounce in New York last evening.