Commodities

Silver futures scales new peak of Rs 76,752/kg

PTI New Delhi | Updated on April 25, 2011 Published on April 25, 2011

Silver dining set display at an exhibition in Vijayawada. Ch. Vijaya Bhaskar (file photo)   -  The Hindu

Extending its record-breaking rally, silver futures prices went up by Rs 854 to trade at yet another high of Rs 76,752 per kg largely on the back of a firming global trend.

Firming trend at the domestic spot market on the back of festive season demand also influenced silver prices at the futures trade here.

At the Multi Commodity Exchange, silver for delivery in December surged by Rs 854 to hit a fresh high of Rs 76,752 per kg with a trade volume of 235 lots. Similarly, the metal for delivery in July gained Rs 862 to Rs 74,560 per kg with a business turnover of 8,598 lots.

Market analysts said continued buying by speculators on the back of a rising global trend, where the precious metal zoomed to a fresh 31-year high, buoyed by weak dollar and increasing tension in the Middle East and North Africa, boosting the demand.

Meanwhile, silver climbed to $48.81 an ounce in the Asian region.

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Published on April 25, 2011
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