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Silver futures prices climbed to hit a lifetime high of Rs 59,331 a kg today as speculators created huge positions, triggered by a firming global trend.
All the three running contracts — May, September and December — were trading at record highs.
At the Multi Commodity Exchange, silver for delivery in far month December rose by Rs 443 or 0.75 per cent, to a record high of Rs 59,331 a kg, with a trade volume of two lots.
Similarly, the white metal for delivery in September contract also traded Rs 544 or 0.94 per cent to Rs 58,433 a kg, with a business turnover of one lot, while May contract moved up by Rs 416 or 0.73 per cent to Rs 57,098 a kg, clocking a trade volume of five lots.
Market analysts attributed persistent rise in prices to continued buying by speculators buoyed by a firming global trend as the conflict in Libya, concerns about European debt and rising inflation spurred demand for precious metals as an alternative investment.
Meanwhile, silver surged 0.41 per cent to $38.75 an ounce in Asian region, the highest level since 1980.
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