Silver futures at record high, crosses Rs 50,000 level

Continuing its record-breaking spree on the back of firming trend overseas, silver futures prices shot up by over 2% to hit a new high of Rs 50,699 per kg.

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 counter, silver for delivery in September contract climbed Rs 1,043, or 2.10% to trade at Rs 50,699 per kg-- a level never seen before--with a turnover of four lots.

The silver for delivery in March contract also rallied by Rs 982, or 1.82%, to trade at a record high of Rs 49,420 per kg, with a turnover of one lot.

Globally, silver in the Asian region, gained 1.4%, to trade at $33.10, the fresh high since 1980.

Analysts said firming trend in precious metals in global markets as spreading unrest in the Middle East boosted their appeal as a safe-haven asset, buoyed the trading sentiment at futures trade here.

Meanwhile, at Chennai bullion market, silver prices rallied by Rs 400 to trade at record high of Rs 50,065 per kg in the opening trade.