Continuing its record-breaking spree on the back of firming trend overseas, silver futures prices shot up by nearly 0.60 per cent to hit a new high of Rs 53,570 a kg.

Besides, 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, silver for delivery in September gained Rs 295 or 0.60 per cent to trade at an all-time high of Rs 53,570 a kg, with a business turnover of 33 lots.

Silver for delivery in July also rallied by Rs 314 or 0.75 per cent to trade at a record high of Rs 53,100 a kg, with a business turnover of 213 lots.

Similarly, silver futures prices for delivery in March went up by Rs 347 or 0.70 per cent to Rs 51,373 a kg, with a business volume of 192 lots.

Globally, silver in the Asian region, gained 0.49 per cent, to trade at $34.85.

Analysts said firming trend in the precious metals overseas, as unrest in Libya boosted the precious metal’s appeal as a safe-haven asset, buoyed the trading sentiment at futures trade here.

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