Silver at record high in futures trade on global trend

Silver prices surpassing all records, soared to hit a new high of Rs 34,815 per kg as speculators created huge positions, tracking firming trend overseas. 

Besides, covering-up of short positions and rising demand in the domestic markets ahead of festive and marriage season also supported the current run-up in silver prices at futures market here.  

At the Multi Commodity Exchange platform, silver for delivery in July contract shot up by a whopping Rs 762 to trade at record high of Rs 34,815 per kg, a level never seen before. It clocked a turnover of one lot.

The silver for delivery in May contract also shot up by Rs 431 to an all-time high of Rs 34,721 per kg, with a turnover of one lot.

While delivery in March contract up by Rs 401 to Rs 34,626 per kg, with a turnover of 189 lots. Similarly, the metal for delivery in December contract gained Rs 264 to Rs 34,365 per kg, with a business turnover of 3,071 lots.

Globally, silver in Asian spot trading gained 0.14 cents to trade at $23.01 an ounce, the highest level since September 1980.

Analysts said firming trend in precious metals in global markets on expectations that the US Federal Reserve will take measures to bolster economy mainly buoyed the trading sentiment here.

In addition, rising demand for the metal in domestic markets for the coming festivals and marriage season also influenced the silver futures, they said.