Silver futures at new high on global cues, domestic demand

Taking firm cues from global markets, silver futures continued its rising streak with prices rising sharply by Rs 153 to Rs 46,459 per kg, a level seen before as speculators engaged in building up huge positions.

Firming trend at the domestic spot market on rising demand supported the current run-up in the silver futures prices.

At the Multi Commodity Exchange counter, silver for delivery in July traded Rs 153, or 0.30 per cent, to Rs 46,459 per kg, with an open interest of two lots.

The silver for delivery in March shot up by Rs 154, or 0.28 per cent, to hit contract high of Rs 46,180 per kg, with a business turnover of 2,318 lots. While delivery in May rose by Rs 148, 0.26 per cent, to Rs 46,365 per kg, with a business turnover of 138 lots.

Globally, silver in the Asian region, gained 0.49 per cent, to trade at $30.75, the highest since 1980.

Analysts said dollar's retreat, which boosted demand for the precious metal as an alternative investment, influenced precious futures prices here.

They said a firm trend at the domestic market where silver prices climbed to trade at record high of Rs 46,200 per kg level buoyed the sentiments.